Figure 6-12 -Refer to Figure 6-12.Which of the Following Statements Best Relates

Multiple Choice

Figure 6-12
-Refer to Figure 6-12.Which of the following statements best relates the figure to the events that occurred in the United States in the 1970s?

A) Buyers of gasoline paid a price of P₁ before 1973;they paid a price of P₂ after OPEC increased the price of crude oil in 1973,and there was a shortage of gasoline at that price.
B) Buyers of gasoline paid a price of P₁ before 1973;they paid a price of P₃ after OPEC increased the price of crude oil in 1973,and there was a shortage of gasoline at that price.
C) Buyers of gasoline paid a price of P₂ before 1973;they paid a price of P₃ after OPEC increased the price of crude oil in 1973,with no shortage of gasoline at that price.
D) The price ceiling was binding before 1973;the price ceiling was no longer binding after OPEC increased the price of crude oil in 1973.