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
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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
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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