For each of the following events, describe in words what happens to the supply, demand, quantity demanded and quantity supplied in the market for new cars.The auto workers get a large raise.A new robotic technology is introduced in the factory.The government subsidizes bus tickets resulting in a large reduction in the cost of a bus ticket.Real income grow and new cars are normal good.

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Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1WNG

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For each of the following events, describe in words what happens to the supply, demand, quantity demanded and quantity supplied in the market for new cars.
1. The auto workers get a large raise.
2. A new robotic technology is introduced in the factory.
3. The government subsidizes bus tickets resulting in a large reduction in the cost of a bus ticket.
4. Real income grow and new cars are normal good.

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