Question
Assuming a normal market, with a positively sloped supply and negatively sloped demand, which is initially in equilibrium. Given the situation stated below, fill in
Assuming a normal market, with a positively sloped supply and negatively sloped demand, which is initially in equilibrium. Given the situation stated below, fill in the blanks using the pull down menu. Market for Cheese A widespread disease haswiped out many dairy herds, and cooking with cheese has become a new trend promoted by many famous chefs. |
(a) | Demand will not change is indeterminate (cannot determine) decrease increase |
(b) | Supply will not change is indeterminate (cannot determine) decrease increase |
(c) | Equilibrium price will not change is indeterminate (cannot determine) decrease increase |
(d) | Equilibrium quantity will not change is indeterminate (cannot determine) decrease increase |
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