Question
There is typically a high demand for fresh roses every Valentines Day. The price for 1 bouquet of roses becomes relatively high during this holiday.
There is typically a high demand for fresh roses every Valentines Day. The price for 1 bouquet of roses becomes relatively high during this holiday. However, due to the popularity of dried/preserved flowers, people now buy less bouquet of fresh roses on Valentine's day.
Which of the following statements is true?
Because of the popularity of dried flowers, the demand curve for a bouquet of fresh roses shifts to the right. | ||
The demand curve for a bouquet of fresh roses shifts due to a change in consumers income. | ||
As the quantity demanded for a bouquet of fresh roses falls, the price for it is expected to fall. | ||
As the demand for a bouquet of fresh roses falls, the price for it is expected to fall. | ||
The price for a bouquet of fresh roses is unaffected from the change. |
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