The fresh fruit market and frozen dinner market are currently in equilibrium. Fresh fruit is a...
The fresh fruit market and frozen dinner market are currently in equilibrium. Fresh fruit is a normal good for consumers and frozen dinners are an inferior good. Given an upward sloping supply curve, if there is an economic boom that increases consumers' incomes, this will lead to:
- an increase in the equilibrium price of frozen dinners
- a decrease in the equilibrium quantity of fresh fruit
- an increase in the equilibrium price of fresh fruit
Homework Answers
Answer : Option C is correct. As fresh fruit is a normal good but when the consumer income has been increased which resulted in an increase in the consumption of the fresh fruit which resulted that quantity to increase as to overcome shortage supplier increase the price. Thus, it has increased the supply.
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The fresh fruit market and frozen dinner market are
currently in equilibrium. Fresh fruit is a...
33. If the short-run supply curve for fresh fruit is perfectly inelastic and the demand curve...
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Last Name, First Name Section (12:30 1, 2:002)1 ECON 202-Principles of Microeconomics Spring 2019 Assignment 2...
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