Two events occur simultaneously in the market for automobiles: (1) an improvement in assembly line technology and (2) the economy enters a recession (which decreases consumers' income). An economist would predict with certainty that
a. equilibrium quantity will rise
b. equilibrium quantity will fall
c. equilibrium price will rise
d. equilibrium price will fall
e. the equilibrium price will remain the same
Question 2
In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?
a. if supply and demand both decline
b. if supply and demand both rise
c. if supply declines and demand rises
d. if supply rises and demand declines
e. if supply remains constant and demand rises
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