Consider the Market for Ride-On Lawn Mowers and the Recent

question 140

Multiple Choice

Consider the market for ride-on lawn mowers and the recent increases in the price of oil.The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers.An increase in the price of oil also makes it more expensive to run a ride-on mower.What is likely to happen to equilibrium price and quantity of lawn mowers as a result in the changing price of oil? Supply and demand will both:

• A) increase, increasing equilibrium quantity and having an indeterminate effect on price.
• B) decrease, decreasing equilibrium quantity and having an indeterminate effect on price.
• C) increase, increasing equilibrium price and having an indeterminate effect on quantity.
• D) decrease, increasing equilibrium price and having an indeterminate effect on quantity.

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