question archive Suppose the market for Nissan's electric cars is currently in equilibrium
Suppose the market for Nissan's electric cars is currently in equilibrium
Subject:MarketingPrice:2.88 Bought12
Suppose the market for Nissan's electric cars is currently in equilibrium. Suddenly, Tesla announces that they will drop the price of all their electric cars by 20%. What happens to the price and quantity of Nissan's electric cars in the new equilibrium? Draw a graph with the initial equilibrium price and quantity and the new equilibrium price and quantity.
