An article authored by Eric Ye and Terry Higgins (April 2014) claims "Domestic gasoline consumption has declined from its peak in 2007 and due to CAFÉ standards is projected to decline. Expanded use of biofuel will further reduce demand for refinery-produced gasoline. However, this new increasing supply of opportunistic crudes and associated natural gas liquids (NGLs) favours increased gasoline production."
1. If true, the impact of this on Equilibrium quantity and equilibrium price would be .
O Both equilibrium price and equilibrium quantity rise
O equilibrium price declines and equilibrium quantity rises
O equilibrium price declines and the effect on equilibrium quantity cannot be determined without additional information
O equilibrium quantity decliness and the effect on equilibrium price cannot be determined without additional information