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The market for running shoes can be represented by the following equations: QD = 2000 - 10P and QS = ...

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The market for running shoes can be represented by the following equations: QD = 2000 - 10P and QS = ...

The market for running shoes can be represented by the following equations: QD = 2000 - 10P and QS = 10P - 80.

Refer to the information above on the market for running shoes. If both the price of rubber, which is used to make the soles of running shoes, increases and the weather gets colder and people stop running, what happens to the equilibrium price and quantity of running shoes?

▸ The price will increase and the change in quantity will be ambiguous.

▸ The change in price will be ambiguous and the quantity will decrease.

▸ The price will decrease and the quantity will decrease.

▸ The price will increase and the quantity will decrease.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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