Macro & Micro economics
Key Concepts of Market Equilibrium
Explain each of the following using supply and demand diagrams.
(a) When car manufacturing workers’ wages rise, the price of cars increases.
(b) When iPhone 5 is released, the price of older model smart phones such as iPhone 4falls.
(c) When a war breaks out in the Middle East, the price of Petrol rises and the price of Toyota hybrid car rises.
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