Market: Gasoline
Gas prices in Canada and other parts of the world have been falling precipitously as a result of the COVID-19 outbreak. The epidemic has led to several travel restrictions and quarantines worldwide, meaning there are far fewer cars on the street and less people using gas stations, especially in China, where the virus originated from. China is also the second largest oil consumer in the world, meaning demand for gasoline has dropped significantly, and there is a large surplus in supply. Hence, gas prices have gone down across the globe, decreasing by 13 cents a litre in the past week, and are projected to go below 90 cents a litre soon. The demand determinant in this situation is number of buyers, as the coronavirus outbreak has resulted in less travel and less people using their cars and buying gasoline, and given an unchanged supply curve, the new equilibrium point is at a lower price and quantity.
Caution: Economics Students at Work 