What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises the price of steel rises public transportation becomes cheaper?

234.What will happen to the equilibrium price and quantity of new cars if theprice of gasoline rises, the price of steel rises, public transportation becomescheaper and more comfortable, and auto-workers negotiate higher wages?a. Price will fall and the effect on quantity is ambiguous.b. Price will rise and the effect on quantity is ambiguous.c. Quantity will fall and the effect on price is ambiguous.d. Quantity will rise and the effect on price is ambiguous.ANSWER: c. Quantity will fall and the effect on price is ambiguous.

84.What will happen to the equilibrium price and quantity of new cars if the price ofgasoline rises, the price of steel rises, public transportation becomes cheaper and more comfortable,and auto workers negotiate higher wages?a.price will fall and the effect on quantity is ambiguousb.price will rise and the effect on quantity is ambiguousc.quantity will fall and the effect on price is ambiguousd.quantity will rise and the effect on price is ambiguousANS: CPTS:1DIF:ChallengingREF:82-87BLM:Higher OrderNOT:Micro TB_4-84

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