Consumer preferences for chocolate milk have decreased. If all other things are equal, what is the likely result of this decrease?
a. The supply of chocolate milk will decrease sharply.
b. Market demand for chocolate milk will shift to the left.
c. Market demand for chocolate milk will shift to the right.
d. Both the price and supply of chocolate milk will decrease.
b. Market demand for chocolate milk will shift to the left.
Market demand for chocolate milk will shift to the left because of a decrease in consumer preference for the product.
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A. $41,600. B. $39,999. C. $37,000. D. $41,998.
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