A fashion fad significantly increases the demand for fedora hats. Which of the following would most likely be the result?
a. The price of fedoras would plummet.
b. The production of fedoras would decline.
c. Sellers would discount the price of their existing supply of fedoras.
d. Buyers would compete fiercely to buy a limited quantity of fedoras.
d. Buyers would compete fiercely to buy a limited quantity of fedoras.
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a. True b. False
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