Which of the following best describes some of the profound effects of the 1973 oil crisis on the U.S. economy? I. Consumer preferences moved away from big cars and towards smaller cars. II. Employment in car manufacturing firms increased significantly. III. Although oil prices rose, gasoline prices fell since the two are substitutes.

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The 1973 oil crisis led to a shift in consumer preferences towards smaller, more fuel-efficient cars due to rising oil prices. Employment in car manufacturing did not increase significantly, and gasoline prices rose along with oil prices, as they are not substitutes.

Which of the Following Best Describes Some of the Profound