Multiple Choice
Identify the effect of a reduction in the price of steel on the equilibrium price and quantity of automobiles,for a given demand curve.
A) An increase in both equilibrium price and equilibrium quantity
B) A decrease in both equilibrium price and equilibrium quantity
C) An increase in equilibrium price and a decrease in equilibrium quantity
D) A decrease in equilibrium price and an increase in equilibrium quantity
E) An increase in equilibrium price but no change in equilibrium quantity
Correct Answer:
Verified
Correct Answer:
Verified
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