III are true statements about oil price changes.

When the price ceilings on oil and gas were lifted in January 1981: I. the price of oil rose immediately.

II. the price of oil continued to rise more than 2 years after the controls were eliminated.

III. higher prices gave an incentive to suppliers to increase supply, thus leading eventually to lower prices.

I, II, and III

I and III only

I and II only

I only

To analyze the statements regarding the lifting of price ceilings on oil and gas in January 1981:

I. The price of oil rose immediately. - This statement is true. When price controls are lifted, prices typically adjust to reflect market conditions, which often results in an immediate increase in price.

II. The price of oil continued to rise more than 2 years after the controls were eliminated. - This statement is also true. After the lifting of price controls, oil prices did continue to rise for a period due to various factors, including geopolitical tensions and supply constraints.

III. Higher prices gave an incentive to suppliers to increase supply, thus leading eventually to lower prices. - This statement is generally true as well. Higher prices can incentivize producers to increase supply, which can eventually lead to a stabilization or decrease in prices as supply meets demand.

Given that all three statements are true, the correct answer is:

**I, II, and