Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Price was one of the main factors keeping organic food from becoming more popular. At the moment, consumers were not purchasing as much organic milk

Price was one of the main factors keeping organic food from becoming more popular. At the moment, consumers were not purchasing as much organic milk as the farmers were producing, since they were able to continue buying the less expensive regular milk.

If the price of organic milk stays high,

which of the following describes what will happen?

  • a.)
  • The price will go down until it reaches equilibrium.

  • b.)
  • The price will continue to increase.

  • c.)
  • As the price decreases, consumers will buy less milk.

  • d.)
  • Vendors will sell more milk at the higher price.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Statistics For Engineers And Scientists

Authors: William Navidi

3rd Edition

73376345, 978-0077417581, 77417585, 73376337, 978-0073376332

Students also viewed these Economics questions

Question

1. Avoid long-winded statements or nagging.

Answered: 1 week ago