What happens to the price and quantity of petrol in the market when electric cars become...
What happens to the price and quantity of petrol in the market when electric cars become more popular? Explain AND draw supply and demand curves to support your answer.
Homework Answers
Obviously the popularity of electric cars will negatively affect the demand for the petrol cars so as the petrol market. If there is fewer cars in the market the demand for the petrol will decrease and this will put downward pressure on the prices and the quantity demanded will also decrease.
The demand curve for the petrol will shift leftward from D to D1 and this will reduce the equilibrium price from P to P1 and the quantity demanded from Q to Q1.
Ans:
Price: decrease.
Quantity: Decrease.
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