Suppose the market for hot dog buns is competitive, and suppose that the price of hot dog wieners has increased. People tend to consume those two goods together. What is the effect on the equilibrium in the market for hot dog buns?

Select one:

a.

Due to a shift in demand, the equilibrium price will increase and the equilibrium quantity will increase.

b.

Due to a shift in supply, the equilibrium price will increase and the equilibrium quantity will increase.

c.

Due to a shift in demand, the equilibrium price will increase and the equilibrium quantity will decrease.

d.

Due to a shift in demand, the equilibrium price will decrease and the equilibrium quantity will decrease.

e.

Due to a shift in supply, the equilibrium price will decrease and the equilibrium quantity will increase.

f.

Due to a shift in supply, the equilibrium price will decrease and the equilibrium quantity will decrease.

g.

Due to a shift in supply, the equilibrium price will increase and the equilibrium quantity will decrease.

h.

Due to a shift in demand, the equilibrium price will decrease and the equilibrium quantity will increase.

Suppose the market for fidget spinners is competitive. Suppose that a new book came out detailing 100 new fidget spinner tricks, making fidget spinners the most desirable toy for any child under 10. At the same time, the number of firms producing fidget spinners has grown dramatically. What is the effect on the equilibrium in the market for fidget spinners?

Select one:

a.

The equilibrium quantity will increase but the effect on the equilibrium price is indeterminate.

b.

The equilibrium price will increase but the effect on the equilibrium quantity is indeterminate.

c.

The equilibrium price will increase and the equilibrium quantity will decrease.

d.

The equilibrium price will decrease and the equilibrium quantity will decrease.

e.

The equilibrium price will increase and the equilibrium quantity will increase.

f.

The equilibrium quantity will decrease but the effect on the equilibrium price is indeterminate.

g.

The equilibrium price will decrease and the equilibrium quantity will increase.

h.

The equilibrium price will decrease but the effect on the equilibrium quantity is indeterminate.