Suppose there is a decrease in the U.S. selling price of Japanese-made cars (a substitute for American-made cars). At the same time, the price of steel, used to make American-made cars decreases. What would we expect would happen in the market for American-made cars

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06-06-2022
Business

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Suppose there is a decrease in the U.S. selling price of Japanese-made cars (a substitute for American-made cars). At the same time, the price of steel, used to make American-made cars decreases. What would we expect would happen in the market for American-made cars

Sagot :

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ogorwyne ogorwyne · Answer 1 · 2022-06-13T14:21:49-04:00

If the price of the steel used to produce steel falls, it would cause the price of American cars to fall.

How does the price of resources affect demand?

The price of a resource used in the production of goods can have a huge effect on the price.

If the price of steel is high, it would make the price of cars to be on the increase hence reducing the demand for the product in the market.

Suppose there is a decrease in the U.S. selling price of Japanese-made cars (a substitute for American-made cars). At the same time, the price of steel, used to make American-made cars decreases. What would we expect would happen in the market for American-made cars

Sagot :

How does the price of resources affect demand?

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