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If a new technology in the U.S. shale oil extraction could produce crude oil even more efficiently; at the same time, the U.S. federal government decided to subsidize people for electric car purchase, what would you expect the gas price change in the U.S. market? Please explain your answer in the language of economics by stating the possible shift(s) of demand and/or supply curves in the gas market.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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