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Suppose that the hourly demand for ridesharing services in New York City during the fall is given by the following equation: Q_D= 100-2Temperature +4Rainfall -8P
Suppose that the hourly demand for ridesharing services in New York City during the fall is given by the following equation: Q_D= 100-2Temperature +4Rainfall -8P where Temperature is measured in Fahrenheit degrees and Water accounts for the amount of rain (in millimeters) fallen during the last hour. Then if the supply is an increasing function of P, and the market for ridesharing is perfectly competitive, an increase in temperature, assuming that is affects the demand only and holding rainfall constant, would cause (select more than one) The equilibrium price to increase The equilibrium quantity to remain the same The equilibrium quantity to fall The equilibrium price to drop The equilibrium price remain the same
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