Question
Explain the effect of each of these events on the market for gasoline.Explain each in words making sure you remark on the resultant change in
Explain the effect of each of these events on the market for gasoline.Explain each in words making sure you remark on the resultant change in both price and quantity.
- The price of crude oil rises.
- The price of a car rises.
- All speed limits on highways are abolished.
- Robots cut car production costs.
- The Covid-19 pandemic forces stay at home orders.
- Electric vehicles gain popularity.
- The new President of the US invest $2trillion in EV infrastructure
The batteries for EVs are inefficient and shortlived.
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Intermediate Microeconomics
Authors: Hal R. Varian
9th edition
978-0393123975, 393123979, 393123960, 978-0393919677, 393919676, 978-0393123968
