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What happens to the market price and quantity in each of the following cases? 
a. The market for sports cars when people decide to have more children.
b. The market for airline tickets when a financial crisis hits and people have less wealth.
c. The market for cars when a steelworker strike results in higher wages.

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Trinidad Tremblay
Trinidad TremblayLv2
15 Feb 2019

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Related questions

consider the market for gas-powered small cars. assume gas-powered small cars are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected.

1. People decide to have more children

2. the price of electric small cars drop

3. The discovery of a new source of iron ore lowers steel prices

4. an economic recession lowers people's wealth

5. A number of major car dealers decide to switch from selling gas-powered cars to selling electric cars

Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also, indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans.

a. People decide to have more children.

b. A strike by steelworkers raises steel prices.

c. Engineers develop new automated machinery for the production of minivans.

d. The price of sports utility vehicles rises.

e. A stock market crash lowers people’s wealth.

Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. 

A. People decide to have more children.
B. A strike by steelworkers raises steel prices.
C. Engineers develop new automated machinery for the production of minivans.
D. The price of sports utility vehicles rises.
E. A stock-market crash lowers people's wealth.

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