Question
The global demand for electric vehicles (EVs) has been
steadily increasing due to growing environmental concerns and government incentives. However, the supply of lithium-ion batteries, a crucial component of EVs, has been facing constraints due to limited production capacity and supply chain disruptions. In this scenario, what is the most likely impact on the equilibrium price and quantity of EVs in the short run?Solution
The increase in demand for EVs coupled with the limited supply of batteries will create a shortage in the market. This shortage will drive up the price of EVs. However, the impact on quantity is uncertain as it depends on the extent of the supply constraints and the responsiveness of demand to the price increase.
At the 64th Grammy Awards held in MGM Grand Garden Arena in Las Vegas, which artist got the award for Best New Artist?
The name of Kevadiya Railway Station of _______ will now be known as Ekta Nagar Railway Station.
According to data released by the Ministry of Statistics and Programme Implementation (MoSPI), India's consumer price index (CPI)-based inflation rose s...
The Deendayal Antyodaya Yojana, part of the National Rural Livelihoods Mission, has launched a mobile app to offer better marketing support to products ...
By what year is India's gig workforce projected to reach 23.5 million, according to NITI Aayog?
With reference to Non-Banking Financial Company (NBFC), consider the following statements:
       I.           NBFC cannot ac...
The Quad, an informal strategic forum comprising the United States, India, Japan, and Australia, has increasingly focused on the Indo-Pacific region. Wh...
Archaeologists recently found the world’s oldest known cave picture in Leang Karampuang cave. This cave is associated with which country?
What is the guaranteed pension amount range under the Atal Pension Yojana?
The Reserve Bank of India has tweaked norms for the issuance of commercial papers (CPs) and non-convertible debentures (NCDs) of up to one year to regul...
