New oak tables are normal goods. What would happen to the equilibrium price and quantity in the market for oak tables if the price of maple tables rises, the price of oak wood rises, more buyers enter the market for oak tables, and the price of the glue used in the production of the new oak tables increased?

Respuesta :

Answer:

Price will RISE, and the effect on quantity is ambiguous.

Explanation:

Based on the scenario being described within the question it can be said that this would most likely cause prices to rise, while the effect on quantity is ambigious, meaning that it depends on many different factors and point of views. Mainly prices will rise due to all the material costs needed in the production of oak tables rising.

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