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Amiraneli [1.4K]
1 year ago
11

How will a new law mandating an increase in required levels of automobile insurance affect the equilibrium price and equilibrium

quantity in the market for new automobiles?.
Business
1 answer:
Degger [83]1 year ago
4 0

Equilibrium price will fall; equilibrium quantity will fall.

What does Equilibrium price mean?

An Equilibrium price, also known as a market-clearing price, is the consumer cost assigned to some product or service such that supply and demand are equal, or close to equal.

The manufacturer or vendor can sell all the units they want to move and the customer can access all the units they want to buy.

What is Equilibrium quantity?

Equilibrium quantity is when there is no shortage or surplus of a product in the market.

Supply and demand intersect, meaning the amount of an item that consumers want to buy is equal to the amount being supplied by its producers.

Learn more about Equilibrium price and quantity here:

brainly.com/question/28182532

#SPJ4

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The cooperative effort between the public and personal sectors has given the United States the first-rate economic reporting gadget in the world, and the Commission is intent on making it even better.

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