Oil-based products are a significant part of the materials used to build sailboats. What is likely to happen in the market for new sailboats and in the market for sails, if the price of oil begins to rise? a. Equilibrium quantity will be larger in both; Equilibrium price will be higher in both. b. Equilibrium quantity will be lower for sailboats and higher for sails; Equilibrium price will be higher for both. c. Equilibrium quantity will be lower for sailboats and sails; Equilibrium price will be higher for sailboats and the change in equilibrium price for sails is ambiguous. d. Equilibrium quantity will be higher for sailboats and lower for sails; Equilibrium price will be higher for sailboats but lower for sails.
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