16. Assume that supply of Chobani yogurt decreases by a larger amount than demand decreases. Which...
Homework Answers
Answer :
Option b) Equilibrium price will rise of Chobani and equilibrium quantity of Chobani will fall
Explanation : When the supply of Chobani yogurt decreases, the supply curve shifts leftwards (or upwards). When the demand of Chobani decreases, the demand curve shifts leftwards (or downwards). Now since the shift in supply(decrease) is greater than the shift in demand (decrease) the equilibrium price will rise and the equilibrium quantity will fall (Option b).
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16. Assume that supply of Chobani yogurt decreases by a larger
amount than demand decreases. Which...
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15. Assume that supply of lettuce produced by Yuma farmers increases slightly and demand for lettuce increases greatly in January due to New Year's Resolutions to lose weight. Which of the following will happen? a. Equilibrium price will fall and equilibrium quantity of lettuce will rise. b. Equilibrium price will rise and equilibrium quantity of lettuce will fall. c. Equilibrium price will rise and equilibrium quantity of lettuce will rise. d. Equilibrium price will fall and equilibrium quantity will fall....
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