Question

Question 115 2 pts

ONLY CONSIDER CARS #3. The following are some changes that may take place in the market for textbooks. For each of the following, indicate what will happen to either the demand for or the supply of textbooks by listing which curve is affected and then the terms: "shift right or "shift left".

Market	Item
1. Oranges	A new diet consisting of eating six oranges a day becomes the latest diet fad.
2. Cars	Consumers’ income rises.
3. Cars	The price of gasoline doubles.
4. Gym memberships	The price of personal exercise equipment increases.
5. Shoes	The number of shoe manufacturers increases.
6. Arthritis medication	The number of elderly citizens increases.

Supply, Shift Right

Demand, Shift Right

Demand, Shift Left

Supply, Shift Left

Answer 1

Car number 3.

Gasoline is a complementary good for the car and increase in the price of the complementary will decrease the demand for the cars in the market. That will shift the demand curve to the left