Question 1d Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: (d) Electricity is a major input into the production of aluminium, and aluminium is a substitute in supply for steel. In the market for steel, the effect of an increase in price of electricity Impact on demand No impact Impact on supply Shift outwards/ to right Impact on price Decrease equilibrium price Impact on quantity Choose. Please answer all pa Choose. Increase equilibrium quantity Next page No impact
Question 1d Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: (d) Electricity is a major input into the production of aluminium, and aluminium is a substitute in supply for steel. In the market for steel, the effect of an increase in price of electricity Impact on demand No impact Impact on supply Shift outwards/ to right Impact on price Decrease equilibrium price Impact on quantity Choose. Please answer all pa Choose. Increase equilibrium quantity Next page No impact
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 25P
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