How have the recent increases in the price of gasoline affected the market for hybrid cars?
A) The demand has increased, increasing the equilibrium price and quantity of hybrid cars.
B) The supply has increased, decreasing the equilibrium price and increasing the equilibrium quantity of hybrid cars.
C) The demand has increased, decreasing the equilibrium price and increasing the equilibrium quantity of hybrid cars.
D) The demand and supply of hybrid cars have both increased in response to changing gas prices, so the equilibrium quantity has definitely decreased, but the effect on price cannot be determined without more information.
Correct Answer:
Verified
Q131: Consider a market that is in equilibrium.If
Q132: If producers incorrectly set the price of
Q133: Consider a market that is in equilibrium.If
Q134: Consider a market that is in equilibrium.If
Q135: Consider a market that is in equilibrium.If
Q137: Consider a market that is in equilibrium.If
Q138: Suppose there is a tornado that levels
Q139: Consider a market that is in equilibrium.If
Q140: The market clearing price refers to the:
A)
Q141: This table shows the demand and supply
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents