Multiple Choice
Exhibit 4.6
-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 the equilibrium price and equilibrium quantity
B) a decrease in both the equilibrium price and equilibrium quantity
C) an increase in the equilibrium price and a decrease in the equilibrium quantity
D) a decrease in the equilibrium price and an increase in the equilibrium quantity
E) an increase in the equilibrium price but no change in the equilibrium quantity
Correct Answer:
Verified
Correct Answer:
Verified
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