Explain what would happen to the equilibrium price and quantity of pineapples if the supply of pineapples decreased while the demand for pineapples increased
What will be an ideal response?
Equilibrium price would increase. Equilibrium quantity would depend on which change was larger. If the supply decrease was larger than the demand increase, equilibrium quantity would decrease. If the demand increase was larger than the supply decrease, equilibrium quantity would increase.
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Using the table above, what is the marginal product of the 5th worker hired at Decent Donuts?
A) 86 dozen donuts per day B) 22 dozen donuts per day C) 17.2 dozen donuts per day D) 64 dozen donuts per day
A long contract requires that the investor
A) sell securities in the future. B) buy securities in the future. C) hedge in the future. D) close out his position in the future.
See Scenario 4.1. Holding Daniel's income and Pd constant at $240 and $3 respectively, what is Daniel's demand curve for cake?
A) Qc = 240 - Pc B) Qc = 240/Pc C) Qc = 120/Pc D) Qc = 240/(3 + Pc) E) none of the above
Exhibit 3-3 Demand curves
Which of the graphs in Exhibit 3-3 depicts the effect of an increase in income on the demand for pork and beans (an inferior good)?
A. Graph A. B. Graph B. C. Graph C. D. Graph D.