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Over the past few years, the supply of oil and gas has been increasing because of various technological advancements. However, because of the COVID-19 pandemic, the demand for oil and gas has decreased dramatically since there has been less far fewer cars on the road, less air traffic, and less production. Using your understanding of supply and demand, explain what is likely to happen to the equilibrium price and quantity of oil and gas because of these two events. Be sure to graph the supply and demand showing the before and after curves- and before and after equilibrium points.

Reference no: EM132491956

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