The supply curve for gasoline will change as a result of the discovery of a new crude oil reserve, resulting in a decrease in market-clearing prices.
The price at which the amount provided and the quantity demanded are equal is known as the market-clearing price. The market can only be "cleared" or balanced by this price. Prices typically rise toward market-clearing levels as a result of market competition.
When a business has an excess of a particular product that hasn't been sold at its regular price (such unsold summer apparel as the cooler season approaches), the store will often reduce the price until the surplus stock is sold, which is a straightforward example of "market clearing."
To learn more about market-clearing price, refer to:
https://brainly.com/question/1888517
#SPJ4
