Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A significant drop in gasoline prices has encouraged more consumers to purchase cars. This has led to an increase in demand for car mechanics' services;

A significant drop in gasoline prices has encouraged more consumers to purchase cars. This has led to an increase in demand for car mechanics' services; however, there are not currently enough qualified car mechanics to meet this demand. What will happen to the market in the short term and the long term? In the short term, prices for car repair will rise, and these prices will remain high in the long term. In the short term, prices for car repair will rise, and in the long term, demand will fall to a point where it can be met by the current number of mechanics. In the short term, prices for car repair will rise, and in the long term, more people will pursue a career in car repair. In the short term, prices for car repair will fall, and in the long term, demand will rise to a point where it can be met by the current number of mechanics

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Economics questions

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago