e diagrams below, shift one or both curves to show the effects of the following events. a. Fuel efficiency regulations reduce the use of steel in automobile production and increase the use of lighter materials such as aluminum. Also, increased import restrictions are imposed that limit the amount of steel that can be imported into the U.S. Graph: (inserted picture) (Market for steel in US) b. The developments described have (a negative, an indeterminate, a positive) effect on the equilibrium price of steel and (an indeterminate, a positive, a negative)effect o
e diagrams below, shift one or both curves to show the effects of the following events. a. Fuel efficiency regulations reduce the use of steel in automobile production and increase the use of lighter materials such as aluminum. Also, increased import restrictions are imposed that limit the amount of steel that can be imported into the U.S. Graph: (inserted picture) (Market for steel in US) b. The developments described have (a negative, an indeterminate, a positive) effect on the equilibrium price of steel and (an indeterminate, a positive, a negative)effect o
Chapter2: The Economy: Myth And Reality
Section: Chapter Questions
Problem 2DQ
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In the diagrams below, shift one or both
a. Fuel efficiency regulations reduce the use of steel in automobile production and increase the use of lighter materials such as aluminum. Also, increased import restrictions are imposed that limit the amount of steel that can be imported into the U.S.
Graph: (inserted picture) (Market for steel in US)
b. The developments described have (a negative, an indeterminate, a positive) effect on the equilibrium price of steel and (an indeterminate, a positive, a negative)effect on the equilibrium quantity .
c. Incomes decline due to a recession. Also, Norwegian Airlines adds more U.S. cities to its list of international flight destinations.
Graph (inserted picture) ( Market for international flights)
d. The developments described have (a positive, an indeterminate, a negative) effect on the equilibrium price of international flights and (a negative, a positive, an indeterminate) effect on the equilibrium quantity.
Transcribed Image Text:Market for steel in the U.S.
Transcribed Image Text:Market for international flights
Price
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