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Suppose that both groups of students are on the right track, each of the events described above, are partially responsible for the decrease in the

Suppose that both groups of students are on the right track, each of the events described above, are partially responsible for the decrease in the price of chicken wings. Based on your analysis of the explanations offered by the two groups of students, how would you determine which of the possible causes was the dominant cause of the decrease in the price of chicken wings?A. ? If the equilibrium quantity of chicken wings increases, then the supplied shift in the market for chicken wings must have been larger than the demand shift.B. If the price decrease was larger than the supply shift in the market for chicken wings must have been larger than the demand shiftC. Which ever change occurred first must have been the primary cause of the changing the price of chicken wings.D. Is equilibrium quantity of chicken wings increases in the demand shift in the market for chicken. Wings messed up and larger than the supply shift

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Suppose the market price of chicken wings in a university town recently decreased. Economics students studying at the university are discussing potential causes of the price decrease. One group of students theorize that the price decreased because a new type of fryer allows restaurants to cook chicken wings in half the time. Others claim the decrease in the price of chicken wings is because of a recent increase in the price of beer. Everyone agrees that the Increase in the price of beer was caused by a recent increase in the price of hops, which are not generally used in making chicken wings. The first group of students claim the decrease in the price of chicken wings can be attributed to the fact that a new type of fryer allows restaurants to cook chicken wings in half the time. On the following graph, adjust the supply and demand curves to illustrate the first group's explanation for the decrease in the price of chicken wings. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. O Supply Demand -D- Supply PRICE (Dollars per chicken wing) QUANTITY (Chicken wings) The second group of students attributes the decrease in the price of chicken wings to the increase in the price of beer. On the following graph, adjust the supply and demand curves to illustrate the second group's explanation for the decrease in the price of chicken wings. (? O- Supply Demand Supply PRICE (Dollars per chicken wing) Demand

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