What will happen to the market for gasoline, if both the price of air travel increases and the wages of oil field workers rise? a) Equilibrium price rises b) Equilibrium price and quantity increase c) Equilibrium price and quantity falls d) Equilibrium quantity rises
What will happen to the market for gasoline, if both the
a)
b) Equilibrium price and quantity increase
c) Equilibrium price and quantity falls
d)
I believe that an increase in wages leads to an increase in income, which will lead to an increase in the
Demand for a commodity would change with a change in the price of related commodities. A change in the price of resources used in the production of the commodity would cause a change in the supply of the commodity.
Step by step
Solved in 2 steps
