An increase in the price of steel will result in

Name: An increase in the price of steel will result in
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Question

Quizplus · Accepted Answer

An increase in the price of steel, a key input in automobile manufacturing, raises production costs for automakers. This typically leads to a decrease in the supply of automobiles, as manufacturers may produce fewer cars or pass increased costs onto consumers, rather than an increase in labor costs or changes in the equilibrium quantity directly from the cost of steel alone.

An Increase in the Price of Steel Will Result in