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Supply curves in the gas market

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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.

Reference no: EM132153493

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