Examine the graph for the price of gasoline in Figure 3-1, on page 46. Then, using a supply-and-demand diagram, illustrate the impact of each of the following on price and quantity demanded:
a. Improvements in transportation lower the costs of importing oil into the United States in the 1960s.
b. After the 1973 war, oil producers cut oil production sharply.
c. After 1980, smaller automobiles get more miles per gallon.
d. A record-breaking cold winter in 1995-1996 unexpectedly raises the demand for heating oil.