1. If individuals decided to switch to more electric vehicles would this, ceteris paribus, be reflected as a change in demand or a change in supply in the market for Gasoline (a normal good)?Explain.Be sure to clearly identify a textbook variable or determinant that is causing this change. Would this change be an increase or decrease? Explain.Would this change result in a surplus or in a shortage in the market for Gasoline?Explain.Given this surplus or shortage, how will a new equilibrium be established?What do you predict will happen to the equilibrium price and the equilibrium quantity exchanged in the market for Gasoline?Explain.