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your web page. Supply & Demand Questions
What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises the price of steel rises public?The correct option is c. Quantity will fall and the effect on price is ambiguous.
What will happen to the equilibrium price and quantity of new cars if the price of gasoline?Gasoline and cars are complementary goods because they are used together. If there is an increase in the price of gasoline, the demand for cars will decrease. This will shift the demand curve for cars to the left, leading to a decrease in the equilibrium price and quantity of cars.
What happens to equilibrium price when price increases?An increase in demand, all other things unchanged, will cause the equilibrium price to rise; quantity supplied will increase. A decrease in demand will cause the equilibrium price to fall; quantity supplied will decrease.
What will happen to the equilibrium price of new cars if the price of steel falls?What happens to the equilibrium quantity? Steel is an input for the production of cars, so a fall in the price of steel causes the supply curve for cars to shift right. As the demand curve remains the same, equilibrium price decreases and equilibrium quantity increases.
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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 BEC?
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