Chapter 4/The Market Forces of Supply and Demand122233.New oak tables are normal goods. What would happen to the equilibrium price and quantity in the market for oaktables if the price of maple tables rises, the price of oak wood rises, more buyers enter the market for oak tables andthe price of wood saws increased?
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TYPE: M SECTION: 4 DIFFICULTY: 3234.What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steelrises, 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.ANSWER: c. Quantity will fall and the effect on price is ambiguous.
TYPE: M SECTION: 4 DIFFICULTY: 3
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