12. Which of the following statements correctly reflects the developments in the U.S. automobile industry following an across the board 3% increase in the production of auto workers in conjunction with a 3% increase in their wages? a. Equilibrium price may increase and employment in the industry will rise. b. Equilibrium price will increase and employment in the industry will fall. c. Equilibrium price will not change but employment in the industry will rise. d. Equilibrium price will decrease and employment in the industry will not change. e. none of the above statements are correct.

12. Which of the following statements correctly reflects the developments in the U.S. automobile industry following an across the board 3% increase in the production of auto workers in conjunction with a 3% increase in their wages? a. Equilibrium price may increase and employment in the industry will rise. b. Equilibrium price will increase and employment in the industry will fall. c. Equilibrium price will not change but employment in the industry will rise. d. Equilibrium price will decrease and employment in the industry will not change. e. none of the above statements are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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