he U$.$S$.$ government decides to impose a price ceiling on gasoline of $$3\mathrm{.}00$ a gallon.

If the oil dash producing nations increase production and drive the equilibrium price of gasoline to $$3\mathrm{.}00$ a gallon$,$ does a surplus or a shortage of gasoline occur$?$ Is the market for gasoline efficient$?$

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Part $1$

If the oil dash producing nations increase production and drive the equilibrium price of gasoline to $$3\mathrm{.}00$ a gallon$,\_\_\_\_\_\_\_.$ The market for gasoline is$\_\_\_\_\_\_\_.$

A$.$

a surplus of gasoline emerges and a black market does not emerge; efficient

B$.$

a shortage of gasoline nbsp and a black market emerges; efficient

C$.$

a surplus of gasoline nbsp and a black market emerges; inefficient

D$.$

a shortage of gasoline nbsp and a black market emerges; inefficient

E$.$

neither a surplus nor a shortage of gasoline emerges and a black market does not emerge$$; efficient