Explain now each of the following events changes the demand for or supply of jeans. A. People's incomes increase. B. A new technology becomes available that reduces the time it takes to manufacture a pair of jeans. C. The price of the cloth (denim) used to make jeans falls. D. Jeans come back into fashion. E. The price of a pair of jeans falls. F. The wage rate paid to garment workers rises. G. Many jeans producers go out of business. H. The price of a denim skirt halves. O A. Event G decreases supply and event H increases demand. O B. Event B decreases supply and event G increases demand. O C. Event C increases demand and event D increases supply. O D. Event E increases demand and event F decreases supply. OE. Event A increases demand and event B increases supply.
Explain now each of the following events changes the demand for or supply of jeans. A. People's incomes increase. B. A new technology becomes available that reduces the time it takes to manufacture a pair of jeans. C. The price of the cloth (denim) used to make jeans falls. D. Jeans come back into fashion. E. The price of a pair of jeans falls. F. The wage rate paid to garment workers rises. G. Many jeans producers go out of business. H. The price of a denim skirt halves. O A. Event G decreases supply and event H increases demand. O B. Event B decreases supply and event G increases demand. O C. Event C increases demand and event D increases supply. O D. Event E increases demand and event F decreases supply. OE. Event A increases demand and event B increases supply.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 7P
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Transcribed Image Text:Explain how each of the following events changes the demand for or supply of jeans.
A. People's incomes increase.
B. A new technology becomes available that reduces the time it takes to manufacture a pair of jeans.
C. The price of the cloth (denim) used to make jeans falls.
D. Jeans come back into fashion.
E. The price of a pair of jeans falls.
F. The wage rate paid to garment workers rises.
G. Many jeans producers go out of business.
H. The price of a denim skirt halves.
A. Event G decreases supply and event H increases demand.
B. Event B decreases supply and event G increases demand.
O C. Event C increases demand and event D increases supply.
D. Event E increases demand and event F decreases supply.
OE. Event A increases demand and event B increases supply.
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