Question
a. Winter starts and the weather turns sharply colder. [4 marks] b. The price of tea, a substitute for hot chocolate, falls. [4 marks] c.
a. Winter starts and the weather turns sharply colder. [4 marks] b. The price of tea, a substitute for hot chocolate, falls. [4 marks] c. The price of cocoa beans decreases. [4 marks] d. The price of whipped cream falls. [4 marks] e. A better method of harvesting cocoa beans is introduced. [4 marks] f. The Surgeon General of the US announces that hot chocolate cures acne.[4 marks] g. Protesting farmers dump millions of gallons of milk, causing the price of milk to rise. [4 marks] h. Consumer income falls because of a recession, and hot chocolate is considered a normal good. [4 marks] i. Producers expect the price of hot chocolate to increase next month. [4 marks] j. Currently, the price of hot chocolate is $0.50 per cup above equilibrium. [4 marks]
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