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In the Columbus automobile market, the number of electric vehicles (EVs) bought and sold has increased dramatically in the past few years due to increases
In the Columbus automobile market, the number of electric vehicles (EVs) bought and sold has increased dramatically in the past few years due to increases in both the supply of EVs and the demand for EVs. Which of the following factors would cause only the supply curve to shift? Advertisements have informed consumers about the merits of EVs. The cost of the batteries installed in EV engines has decreased. O Gasoline prices have increased. O Increased availability of EV charging stations has effectively reduced the cost of re-charging EVS. Each of the preceding statements describes a supply-side factor.Suppose the market demand curve for apples is a downward-sloping line with constant slope equal to -1. Which of the following statements is correct? Own-price elasticity of demand is "unitary" everywhere along this demand curve. If the price of apples increases by 10%, the quantity demanded of apples always decreases by 10%. O If the price of apples changes, consumer expenditure on apples always remains unchanged. There is one point on this market demand curve where own-price elasticity equals -1. Each of the preceding statements is correct
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