In the market for oil, compared to the initial equilibrium (E0), the impact of these events on price is (click to select) and the impact on quantity is (click to select).
a) Events: Increase in demand; Impact on Price: Increase; Impact on Quantity: Increase
b) Events: Decrease in supply; Impact on Price: Increase; Impact on Quantity: Decrease
c) Events: Decrease in demand; Impact on Price: Decrease; Impact on Quantity: Increase
d) Events: Increase in supply; Impact on Price: Decrease; Impact on Quantity: Increase