Voting Question: Need help with simple economics question?
21st December 2009
If the price of cars goes up due to more expensive steel, ceteris paribus:
a) there will be a decrease in the demand for cars
b) there will be an increase in the demand for cars
c) there will be an increase in the supply of cars
d) there will be less cars sold
e) none of the above
Please briefly explain why.
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