Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10. Read this excerpt from the October 18, 2022, Wall Street Journal. KINDERHOOK, N.Y.-Golden Harvest Farms has grown from a small apple-growing operation when Doug

image text in transcribed
10. Read this excerpt from the October 18, 2022, Wall Street Journal. KINDERHOOK, N.Y.-Golden Harvest Farms has grown from a small apple-growing operation when Doug Grout's grandfather opened it after World War II, to a multipronged business that includes a retail stand, cider press, distillery, tasting room and barbecue restaurant. I But Mr. Grout said he sees a cloudier future for the business due to new state regulations that will require him to increasingly pay more overtime to the farmworkers who pick his apples in the coming years, raising one of his primary costs. "We were looking to buy another orchard, and that whole thing is tabled," said Mr. Grout, 52 years old, who co-owns Golden Harvest with his father, as he drove between rows of Honeycrisp trees. "We're stepping away. You're going to see farms go out of business. This is very shortsighted." For the apple market in New York, the new regulations will: a Cause supply to shift to the left, leading to higher prices and a decrease in quantity demanded. b. Cause supply to decrease and demand to decrease as prices rise. c. Create apple shortages, higher prices, and a decrease in demand over time. d. Cause quantity supplied to fall and eventually quantity demanded as prices rise. e. Create more jobs for apple pickers now that a fair wage will be paid

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Commerce And Coalitions How Trade Affects Domestic Political Alignments

Authors: Ronald Rogowski

1st Edition

0691219435, 9780691219431

More Books

Students also viewed these Economics questions