What will happen to the equilibrium price and quantity of cars if there is an increase in the price of gasoline?
48) Suppose the equilibrium price and quantity of bicycles is determined at $40 and 200 units, respectively. For some reason, the market price of the bicycles initially increases to $60, and then decreases to $20. How will these deviations from the equilibrium price be corrected in a perfectly competitive market? Explain with the help of suitable diagrams.
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