QuestionNew cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accept lower wages, and automobile insurance becomes more expensive? Show
a. Price will rise. b. Price will fall. c. Price will stay exactly the same. d. The price change will be ambiguous.
New cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable,...New cars are normal goods. What will happen to the equilibrium price of new cars if the price of gasoline rises, the price of steel falls, public transportation becomes cheaper and more comfortable, auto-workers accept lower wages, and automobile insurance becomes more expensive? May 17, 2022 Related Questions & Answers
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What will happen to the equilibrium price of new cars if the price of steel falls and public transportation becomes cheaper and more comfortable?Both the equilibrium price and quantity would increase.
What will happen to the equilibrium price and quantity of new cars?What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes cheaper and more comfortable, and auto-workers negotiate higher wages? Quantity will fall and the effect on price is ambiguous.
What will happen in the market for cars if the price of steel to make cars increases?If the price of steel increases, the supply of cars will decrease. This will cause the equilibrium price to increase and the equilibrium quantity to decrease.
What causes equilibrium price to shift?A change in demand will cause equilibrium price and output to change in thesame direction. a. A decrease in demand will cause a reduction in the equilibrium price and quantity of a good.
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What will happen to the equilibrium price in the market for new cars if the auto workers accept lower wages?
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