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Consider the market for minivans (Some would describe a minivan as a family car). Looking at the two statements, which one is true and which
Consider the market for minivans (Some would describe a minivan as a family car). Looking at the two statements, which one is true and which one is false? Then again, are they both true or both false? Statement 1: Engineers develop new automated machinery that increases the production of minivans. The supply curve for minivans will shift to the right. Statement 2: The price of sports utility vehicles rises (Hint: A minivan and sports utility vehicle would be considered substitutes). The demand curve for minivans will shift to the right. Group of answer choices Both are false. Statement 2 is false and statement 1 is true. Statement 1 is true and statement 2 is false. Both are true
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