An article authored by Eric Ye and Terry Higgins (April 2014) claims "Domestic gasoline consumption has declined from its peak in 2007 and due to CAF standards is projected to decline. Expanded use of biofuel will further reduce demand for refinery-produced gasoline. However, this new increasing supply of opportunistic crudes and associated natural gas liquids (NGLs) favours increased gasoline production." If true, the impact of this on Equilibrium quantityand equilibrium price would be

Selected Answer: equilibriumprice declinesand equilibrium quantity rises

Answers: Both equilibriumprice and equilibrium quantity decline

equilibriumprice declinesand equilibrium quantity rises

equilibriumprice declines and the effect onequilibrium quantity cannot be determinedwithout additional information

equilibriumquantity declinessand theeffect onequilibrium price cannot be determinedwithout additional information