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.
Correct Answer:
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