or each of the following events described, indicate the effects to the demand and to the supply. Use the emand and supply graphs provided below to match these events. Then determine what happens to the harket equilibrium price and equilibrium quantity. Scenario: Consider the market for gas-guzzling cars, if the price of gasoline falls. Change in Demand* Increase Decrease O Did not Change O Indeterminate Change in Supply* Increase O Decrease O Did not Change O Indeterminate Graph* P So Do Do A B B So So St Do Do Q D OD So Do Do F F So So D. D. Do Do Q G H G So P So Da Do Do Di Q So Do K O K Change in market equilibrium price.* O Increase Decrease Did not Change O Indeterminate Change in market equilibrium quantity.* Increase Decrease O Did not Change O Indeterminate
or each of the following events described, indicate the effects to the demand and to the supply. Use the emand and supply graphs provided below to match these events. Then determine what happens to the harket equilibrium price and equilibrium quantity. Scenario: Consider the market for gas-guzzling cars, if the price of gasoline falls. Change in Demand* Increase Decrease O Did not Change O Indeterminate Change in Supply* Increase O Decrease O Did not Change O Indeterminate Graph* P So Do Do A B B So So St Do Do Q D OD So Do Do F F So So D. D. Do Do Q G H G So P So Da Do Do Di Q So Do K O K Change in market equilibrium price.* O Increase Decrease Did not Change O Indeterminate Change in market equilibrium quantity.* Increase Decrease O Did not Change O Indeterminate
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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