What Happened as a Result of the Elimination of Price

question 11

Multiple Choice

What happened as a result of the elimination of price controls on oil and gasoline in 1981?

• A) The supply of gas and oil declined.
• B) The shortage of gasoline was eliminated nearly overnight.
• C) The price of oil increased dramatically, and stayed high until the early 1990s.
• D) The shortage of gasoline was eliminated, but it took several years.