Someone who wants to buy a car can buy either a used car or a new car. According to the supply and demand model, if government environmental regulations raise the price of new cars, how (if at all) would this affect the market for used cars? O The price of used cars would probably rise, too. O The supply curve for used cars would shift to the left. O The demand for used cars would fall. O The market for used cars would be unaffected, since the regulations only cover new cars.

Someone who wants to buy a car can buy either a used car or a new car. According to the supply and demand model, if government environmental regulations raise the price of new cars, how (if at all) would this affect the market for used cars? O The price of used cars would probably rise, too. O The supply curve for used cars would shift to the left. O The demand for used cars would fall. O The market for used cars would be unaffected, since the regulations only cover new cars.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 10PA

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