Q. The Organization of the Petroleum Exporting Countries (OPEC) reduces production by 10 percent, and the growth rate of the world economy begins to escalate. How will the simultaneous occurrence of these events affect the equilibrium price and quantity in the world petroleum market? 

1. Price will increase, but quantity will remain unchanged.
2. Price will increase, but quantity is indeterminate.
3. Quantity will increase, but price is indeterminate.
4. Both price and q