QUESTION 1 A decrease in the demand for incandescent light bulbs due to changes in consumer tastes,

QUESTION 1
A decrease in the demand for incandescent light bulbs due to changes in consumer tastes, accompanied by a decrease in the supply of incandescent light bulbs as a result of government restrictions, will result in
a decrease in the equilibrium price of incandescent light bulbs and no change in the equilibrium quantity.
a decrease in the equilibrium quantity of incandescent light bulbs; the equilibrium price may increase or decrease.
a decrease in the equilibrium price of incandescent light bulbs; the equilibrium quantity may increase or decrease.
a decrease in the equilibrium quantity of incandescent light bulbs and no change in the equilibrium price.
1 points
QUESTION 2
An increase in input costs in the production of electric automobiles caused the price of electric automobiles to rise. Holding everything else constant, How would this affect the market for gasoline-powered automobiles (a substitute for electric automobiles)?
The supply of gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease.
The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease.
The demand for gasoline-powered automobiles would decrease because consumers could afford to buy fewer gasoline-powered automobiles.
The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would increase.

"Is this question part of your assignment? We can help"

ORDER NOW