Economy, asked by arshvirsingh47, 5 months ago

How will a change in price of petrol affect the equilibrium price and quantity of car?

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Answered by Anonymous

3

For example, the demand for cars might increase because of rising incomes and population, and it might decrease because of rising gasoline prices (a complementary good). Moreover, rising incomes and population or changes in gasoline prices will affect many markets, not just cars.

Answered by muddassir47

1

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