Which of the following statements regarding the presence of price ceilings and the 1970s gas crisis in Canada and the United States is FALSE?

(1) Since Canada had no price ceilings, when the supply of gas decreased, a new equilibrium price was found where the demand curve and the new supply curve intersected.

(2) Canada had no price ceilings, but the reason there wasn't a shortage of gas is because Canadians significantly decreased their demand of gas when the supply of gas decreased.

(3) Since the US had a price ceiling when the supply of gas decreased, the quantity demanded at the ceiling price was much larger than the quantity supplied by the producers.

(4) Since the US had a price ceiling a gas shortage was created and gas stations often had long lines