Question:

The gasoline market has changed in a couple of significant ways over the last few years: new technologies have decreased the costs associated with producing gasoline, and automobiles have become more fuel-efficient.

1. Describehow each of these changes affects the supply of and/or demand for gasoline(for this, shift the demand and supply curves in the right direction(s)).
2. What is the overall effect of the above two factors on the equilibrium price? (based on the graph that you used above).