If the world market for crude oil experiences an increase in supply and a decrease in demand, which of the following results is expected to occur?
a. Both equilibrium price and the equilibrium output could rise or fall.
b. Equilibrium price would rise, and the equilibrium output could rise or fall.
c. Equilibrium price would fall, and the equilibrium output could rise or fall.
d. Equilibrium price would fall, and the equilibrium output would fall.