What happens when the wearing of scarves becomes MORE POPULAR (MORE FASHIONABLE) among consumers? What is the effect of this scenario on the EQUILIBRIUM PRICE of scarves? A. Equilibrium price will DECREASE as a result of this scenario. B. Equilibrium price will INCREASE as a result of this scenario. C. Equilibrium price will REMAIN THE SAME as a result of this scenario. What is the effect of this scenario on the EQUILIBRIUM QUANTITY of scarves? A. Equilibrium QUANTITY will DECREASE as a result of this scenario. B. Equilibrium QUANTITY will INCREASE as a result of this scenario. C. Equilibrium QUANTITY will REMAIN THE SAME as a result of this scenario.
What happens when the wearing of scarves becomes MORE POPULAR (MORE FASHIONABLE) among consumers? What is the effect of this scenario on the EQUILIBRIUM PRICE of scarves? A. Equilibrium price will DECREASE as a result of this scenario. B. Equilibrium price will INCREASE as a result of this scenario. C. Equilibrium price will REMAIN THE SAME as a result of this scenario. What is the effect of this scenario on the EQUILIBRIUM QUANTITY of scarves? A. Equilibrium QUANTITY will DECREASE as a result of this scenario. B. Equilibrium QUANTITY will INCREASE as a result of this scenario. C. Equilibrium QUANTITY will REMAIN THE SAME as a result of this scenario.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
What happens when the wearing of scarves becomes MORE POPULAR (MORE FASHIONABLE) among consumers?
What is the effect of this scenario on the
A. |
Equilibrium price will DECREASE as a result of this scenario.
|
|
B. |
Equilibrium price will INCREASE as a result of this scenario.
|
|
C. |
Equilibrium price will REMAIN THE SAME as a result of this scenario.
|
What is the effect of this scenario on the
A. |
Equilibrium QUANTITY will DECREASE as a result of this scenario.
|
|
B. |
Equilibrium QUANTITY will INCREASE as a result of this scenario.
|
|
C. |
Equilibrium QUANTITY will REMAIN THE SAME as a result of this scenario.
|
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