quantity of music compact discs if musicians accept lower royalties, compact disc players becomecheaper, more firms start producing music compact discs, and music lovers experience an increase inincome?PTS:1DIF:ChallengingREF:82-87BLM:Higher OrderNOT:Micro TB_4-86 Show
Get answer to your question and much more 87.Music compact discs are normal goods. What will happen to the equilibrium price andquantity of music compact discs if musicians receive higher royalties, compact disc players becomemore expensive, fewer firms produce music compact discs, and music lovers experience a decrease inincome?PTS:1DIF:ChallengingREF:82-87BLM:Higher OrderNOT:Micro TB_4-87 Get answer to your question and much more 88.New cars are normal goods. What will happen to the equilibrium price of new cars ifthe price of gasoline rises, the price of steel falls, public transportation becomes cheaper and morecomfortable, auto workers accept lower wages, and automobile insurance becomes more expensive?a.price will riseb.price will fallc.price will stay exactly the samed.price change will be ambiguousANS: BPTS:1DIF:ChallengingREF:82-87 BLM:Higher OrderNOT:Micro TB_4-88 What will happen to the equilibrium price in the market for new cars if the auto workers accept lower wages?Both the equilibrium price and quantity would decrease.
What happens to the equilibrium price and quantity when demand increases and at the same time supply decreases but the demand shift is smaller than the supply shift?If the increase in demand is less than the decrease in supply, the shift of the demand curve tends to be less than that of the supply curve. Effectively, equilibrium quantity falls whereas the equilibrium price rises.
What would happen to the equilibrium price and quantity of lattes?So, when the price of producing steamed milk increases, it will affect the demand for lattes. The demand for lattes will go down. As a result, the demand curve will shift to the left-hand side. This will cause a change in the price, and the quantity demanded of lattes.
When a surplus exists in a market we know that the actual price is?If a surplus exists in a market, then we know that the actual price is: above the equilibrium price, and quantity supplied is greater than quantity demanded.
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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 becomes cheaper?
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