What Will Happen to the Equilibrium Price and Quantity of New

question 249

Multiple Choice

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.

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Definitions:

Congress

A bicameral legislative body in the federal government of the United States consisting of the Senate and the House of Representatives responsible for making national laws.

Ethics

Ethics refers to the moral principles that govern a person's or group's behavior, guiding what is right and wrong.

Cash Distributed

The act of disbursing or paying out cash from a company to its stakeholders, such as dividends to shareholders or payments to suppliers.

Business Entity Assumption

An accounting principle that treats a business as a separate entity from its owners for reporting and financial assessment purposes.