$(8)$ Moodle

ECOND$1$ Microeconomics $-24/$S$2$

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Question $16$

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Two exciting things happened in the world of shellfish today.$($Note: fictional events$)$

Exciting new research released by the FDA and produced by Harvard University indicates that regular consumption of oysters prevents the signs and damages of aging, making people look and feel younger.

Halfshell Engineering, A Florida based research group, has started selling their new low$-$cost "Heavenly floating oyster forests". Their new method of growing oysters allows aqua$-$farmers to grow big healthy oysters faster and at much lower cost than earlier methods of oyster farming.

These two events are expected to shift curves in our basic supply and demand model. Once the two curves have shifted, we expect to reach a new equilibrium price that will be $q,($higher$/$lower$/$unknown$),$ anc $($more$/$fewer$/$unknown$)$ units sold.

Select one:

a$.$ unknown ; more

b$.$ higher ; unknown

c$.$ unknown ; fewer

d$.$ lower; unknown

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