Microchips are an input into the production of new motor vehicles.If the new motor vehicle market is perfectly competitive, then in the short-run an increase in the price of microchips (perhaps caused by Covid-19 related shortages) will cause:

Fill in the blank for the following questions.(Each blank is worth 4 points each.)

1. The supply curve for new motor vehicles will shift up and to the left, will shift down and to the right, or will be unchanged? Pick one.
2. The market price for new motor vehicles will increase, will decrease, or will be unchanged? Pick one.
3. The demand curve for new motor vehicles will shift up and to the right, will shift down and to the left, or will be unchanged? Pick one.