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Author Question: What is the effect of a reduction in the price of steel on the equilibrium price and quantity of ... (Read 59 times)

javeds

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on: Jul 1, 2018
What is the effect of a reduction in the price of steel on the equilibrium price and quantity of automobiles?
 a. Both equilibrium price and equilibrium quantity rise.
  b. Both equilibrium price and equilibrium quantity fall.
  c. Equilibrium price rises and equilibrium quantity falls.
  d. Equilibrium price falls and equilibrium quantity rises.
  e. Both equilibrium price and equilibrium quantity remain unchanged.

Question 2

Which of the following would shift the supply curve for CDs to the right?
 a. a decrease in the price of materials used to make CDs
  b. a rise in the cost of labor used to make CDs
  c. an increase in the price of audio cassettes
  d. a decrease in the number of suppliers
  e. an increase in the price of CDs


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nikmaaacs

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

A


javeds

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

dyrone

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Reply 3 on: Yesterday
Wow, this really help

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