Refer to Situation 4-1. Because price controls were in effect at the time the embargo occurred, an economist would predict that a. the number of dollars one would need to pay at the pump for a full tank of gasoline would increase sharply. b. the number of dollars one would need to pay at the pump for a full tank of gasoline would decline sharply. c. long waiting lines and black markets would appear. d. a surplus of gasoline would result.