If consumers buy a large number of plug-in electric cars,the equilibrium price of electricity will ________ and the equilibrium quantity of electricity will ________.
A) rise; increase
B) rise; decrease
C) fall; increase
D) fall; decrease
E) not change; increase

Question

Quizplus · Accepted Answer

The demand for electricity will increase as more consumers use electric cars, leading to a higher equilibrium price and an increased equilibrium quantity of electricity. This is because the demand curve for electricity shifts to the right, causing both the price and quantity to rise in the market.

If Consumers Buy a Large Number of Plug-In Electric Cars,the