TASC Economics Level 3 Practice Questions - TASC Economics Level 3 Examination (Course Code ECN315116) Exam

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Motor vehicles and petrol are complementary goods. If a global supply shock causes petrol prices to double, how will the market for motor vehicles react, ceteris paribus?

The demand curve for motor vehicles will shift to the left, lowering equilibrium price and quantity The demand curve for motor vehicles will shift to the right, raising equilibrium price and quantity The supply curve for motor vehicles will shift to the right The demand curve for petrol will shift to the right

Correct Answer:

The demand curve for motor vehicles will shift to the left, lowering equilibrium price and quantity

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