Question: 3. What effect will each of the following have on the demand for small automobiles such as the Mini Cooper and Smart car? LO1 a.

3. What effect will each of the following have on the demand for small automobiles such as the Mini Cooper and Smart car? LO1

a. Small automobiles become more fashionable.

b. The price of large automobiles rises (with the price of small autos remaining the same).

c. Income declines and small autos are an inferior good.

d. Consumers anticipate that the price of small autos will greatly come down in the near future.

e. The price of gasoline substantially drops.

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