A new car is typically considered to be a normal good. What would happen to the equilibrium price and quantity of new cars if there is a recession where many people lose their jobs? Oa) The equilibrium price would fall and the equilibrium quantity would rise as demand shifts to the right. Ob) The equilibrium price would rise and the equilibrium price would fall as demand shifts to the left. Og The equilibrium price and quantity would both rise as demand shifts to the right. O d) There would be no change to the equilibrium price or quantity. Oe) The equilibrium price and quantity would both fall as demand shifts to the left.

A new car is typically considered to be a normal good. What would happen to the equilibrium price and quantity of new cars if there is a recession where many people lose their jobs? Oa) The equilibrium price would fall and the equilibrium quantity would rise as demand shifts to the right. Ob) The equilibrium price would rise and the equilibrium price would fall as demand shifts to the left. Og The equilibrium price and quantity would both rise as demand shifts to the right. O d) There would be no change to the equilibrium price or quantity. Oe) The equilibrium price and quantity would both fall as demand shifts to the left.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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