if you want to remove an article from website contact us from top.

    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?

    James

    Guys, does anyone know the answer?

    get 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? from EN Bilgi.

    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 the auto

    Answer to: What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public...

    Supply and demand

    What will happen to the equilibrium price and quantity of new cars if the price of gasoline...

    What will happen to the equilibrium price and quantity of new cars if the price of gasoline... Question:

    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 the auto-workers negotiate nigher wages?

    a. Price will fall and the effect on quantity is ambiguous.

    b. Price will rise and the effect on quantity is ambiguous.

    c. Quantity will fall and the effect on price is ambiguous.

    d. Quantity will rise and the effect on price is ambiguous.

    Equilibrium Price and Quantity:

    The Equilibrium Price and Quantity are given by the point at which the demand and supply curves intersect. When both these curves shift at the same time, the final effect depends on the direction of each shift and how much they have shifted.

    Answer and Explanation:

    Become a Study.com member to unlock this answer! Create your account

    View this answer

    An increase in steel prices and worker wages will mean a rise in the cost of production of cars. This will lead to a leftward shift in the supply...

    See full answer below.

    Become a member and unlock all Study Answers

    Start today. Try it now

    Create an account

    Need extra help with this question? Chat with an expert tutor now!

    Learn more

    Search Answers

    Learn more about this topic:

    Causes of Supply and Demand Changes in Microeconomics

    from

    Chapter 2 / Lesson 3

    16K

    Causes of supply and demand changes in microeconomics include factors such as market forces and equilibrium price. Explore the definition of market forces and learn about demand force and supply force along a curve.

    Related to this Question

    Related Answers Related Lessons Related Courses

    What will happen to the equilibrium price and...

    State two ways the labor supply curve shifts to...

    Explain why, for the labor supply curve to...

    If the driving population increases in an area...

    Explore our homework questions and answers library

    Browse by subject

    Source : study.com

    Quiz 2 Flashcards

    Start studying Quiz 2. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

    Quiz 2

    The amount of the good buyers are willing and able to purchase is called the

    Click card to see definition πŸ‘†

    quantity demanded

    Click again to see term πŸ‘†

    Suppose today people change their expectations about the future. This change in expectations

    Click card to see definition πŸ‘†

    can affect today's demand

    Click again to see term πŸ‘†

    1/25 Created by angelalee411

    Terms in this set (25)

    The amount of the good buyers are willing and able to purchase is called the

    quantity demanded

    Suppose today people change their expectations about the future. This change in expectations

    can affect today's demand

    Ford Motor Company announces that it will offer $3,000 rebates on new Mustangs starting next month. As a result of this information, today's demand curve for Mustangs

    Shifts to the left

    A higher price for batteries would result in a(n)

    decrease in a demand for flashlights

    An increase in demand is represented by

    a rightward shift of a demand curve.

    A decrease in the number of sellers in the market causes

    the supply curve to shift to the left.

    Lead is an important input in the production of crystal. If the price of lead decreases, other things equal, we would expect the supply of

    crystal to increase.

    A supply curve slopes upward because

    an increase in price gives producers an incentive to supply a larger quantity.

    In a market, to find the total amount supplied at a particular price,

    we must add up all of the amounts that firms are willing and able to supply at that price.

    Another term for equilibrium price is

    market clearing price

    Refer to Figure 4-7 below. At a price of $35,

    there would be a surplus of 400 units.

    Refer to Figure 4-7 below. At what price would there be an excess demand amounting to 200 units of the good?

    $20

    What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?

    Price will fall and the effect on quantity is ambiguous.

    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.

    Which of these statements does not apply to market economies?

    Prices ensure that anyone who wants a product can get it.

    In a free, competitive market, what is the rationing mechanism?

    price

    Which of the following is not a function of prices in a market system?

    Prices ensure an equal distribution of goods and services among consumers.

    If a binding price ceiling is imposed on the computer market, then

    a shortage of computers will develop.

    A binding minimum wage

    alters both the quantity demanded and quantity supplied of labor.

    Refer to Table 6-1 below. Suppose the government imposes a price ceiling of $1 on this market. What will be the size of the shortage in this market?

    8 units

    Refer to Figure 6-5 below. If the government imposes a price ceiling of $2 on this market, then the result is a

    shortage of 60 units of the good.

    If a binding price ceiling is imposed on the baby formula market, then

    all of the above

    Refer to Figure 6-12 below. When the price ceiling applies in this market, and the supply curve for gasoline shifts from S1 to S2,

    a shortage will occur at the new market price of P2.

    Refer to Figure 6-12 below. When the price ceiling applies in this market, and the supply curve for gasoline shifts from S1 to S2, the resulting quantity of gasoline that is bought and sold is

    less than Q3

    A minimum wage that is set below a market's equilibrium wage will result in an excess

    none of the above are correct

    Recommended textbook explanations

    Principles of Microeconomics

    7th Edition N. Gregory Mankiw 508 explanations

    Principles of Microeconomics

    8th Edition N. Gregory Mankiw 502 explanations

    Epack: Principles Of Microeconomics Mindtap Economics Instant Access

    7th Edition N. Gregory Mankiw 507 explanations

    Bundle: Principles of Economics, 6th + Aplia 2-Semester Printed Access Card

    6th Edition N. Gregory Mankiw 666 explanations

    Related questions

    QUESTION

    In Julius Caesar (Act II, scene 1), Shakespeare has the clock striking the hour of three; however, clocks had not been invented yet. The out-of-place clock would be considered a(n)

    2 answers QUESTION

    Medium of exchange (standard object used in exchanging goods and services), Unit of account (standard unit for quoting prices), Store of value (store wealth from one point in time to another)

    2 answers QUESTION

    T or F: Statistical differences can be determined by simply comparing mean scores. If the mean scores are different, then the difference is statistically significant.

    5 answers QUESTION

    What are the 4 different types of pathogen?

    15 answers

    Sets found in the same folder

    CH 3

    20 terms alyssacarnicella

    Quiz 6

    25 terms angelalee411

    Quiz 8

    25 terms

    Source : quizlet.com

    [Solved] What Will Happen to the Equilibrium Price and Quantity of New

    [Solved] 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 A)price will fall and the effect on quantity is ambiguous B)price will rise and the effect on quantity is ambiguous C)quantity will fall and the effect on price is ambiguous D)quantity will rise and the effect on price is ambiguous

    [Solved] What Will Happen to the Equilibrium Price and Quantity of New

    Question 84 Multiple Choice Question 84

    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

    A)price will fall and the effect on quantity is ambiguous

    B)price will rise and the effect on quantity is ambiguous

    C)quantity will fall and the effect on price is ambiguous

    D)quantity will rise and the effect on price is ambiguous

    Explore answers and other related questions

    10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes.

    Explore This QuizLearn More

    Business

    Explore our library and get Economics Homework Help with various study sets and a huge amount of quizzes and questions

    View All Business Study Sets

    Source : quizplus.com

    Do you want to see answer or more ?
    James 7 month ago
    4

    Guys, does anyone know the answer?

    Click For Answer