Question

question 1 1 pts in the market for electric vehicles (evs), more vehicle manufacturers are releasing electric models - at the same time that consumer preferences are changing toward evs. as a result, we can expect an unknown change in the equilibrium quantity but a decrease in the equilibrium price of evs. unknown change in the equilibrium price but an increase in the equilibrium quantity of evs. increase in the equilibrium price and quantity of evs. unknown change in the equilibrium price but a decrease in the equilibrium quantity of evs.

Explanation:

More manufacturers releasing electric - models increases supply. Changing consumer preferences towards EVs increases demand. When both supply and demand increase, the equilibrium quantity will definitely increase. However, the change in equilibrium price depends on the relative magnitudes of the shifts in supply and demand. So, the change in equilibrium price is unknown.

Answer:

unknown change in the equilibrium price but an increase in the equilibrium quantity of EVs.