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Suppose that the equilibrium price of cars in Chicago increases and the equilibrium quantity of cars also increases. Which of the following events is most
Suppose that the equilibrium price of cars in Chicago increases and the equilibrium quantity of cars also increases. Which of the following events is most likely to have occurred? i. A new lane being built on Lakeshore Drive ii. An increase in the price of gasoline iii. An increase in the price of scrap metal (which is used to make cars) iv. A new CTA bus route (which is a substitute for using a car)
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