Automobile firms can use their inputs to make hybrid cars or "regular" (non-hybrid) cars. If the...
Automobile firms can use their inputs to make hybrid cars or "regular" (non-hybrid) cars. If the equilibrium price of hybrid cars rises sharply, the resulting shift in the supply curve for "regular" cars will cause:
- an increase in the equilibrium price of "regular" cars
- a decrease in the equilibrium price of "regular" cars
- an increase in the equilibrium quantity of "regular" cars
Homework Answers
Ans) the correct option is a) increase in the equilibrium price of "regular" cars
The supply for regular cars will decrease because more hybrid cars will increase so equilibrium price of regular cars increase and equilibrium quantity will fall
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