Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase? an increase in consumer income a drought that sharply reduces barley output a decrease in consumer income unusually good weather that results in a bumper crop of barley

A drought in the Midwest has reduced the production of wheat used to make cereal.  At the same time, the national price of milk (a compliment good) has increased.  Given these two effects, what will happen to the current equilibrium quantity and price of cereal?

what would happen to the Georgian peach market’s equilibrium prices and quantity where an unusually long drought in Georgia has caused 10% of the peach trees to die in the summer. Label all axes and label the new demand or supply curve with a subscript of “1” (i.e. D1 or S1), and the new equilibrium price P* and quantity Q*. Also compare the P* and Q* with the equilibrium P and Q in (a)

Determine how the following affects the market for apples in the United States.    While not required, you may wish to draw the supply and demand diagram for apples to assist in determining the impact on quantity and price. A new study shows significant health benefits from eating apples. Select one: a.Quantity increases and price increases b.Quantity increases and price decreases c.Quantity decreases and price increases d.Quantity decreases and price decreases Trade barriers restricting apples imports from Canada are eliminated. Select one: a.Quantity increases and price increases b.Quantity increases and price decreases c.Quantity decreases and price increases d.Quantity decreases and price decreases Genetically modified apples trees that allow for much greater output per tree without greater costs are introduced into the market.  Select one: a.Quantity increases and price increases b.Quantity increases and price decreases c.Quantity decreases and price increases d.Quantity…

Suppose that the Bahrain government reduces the tariff on imported coffee, and at the same time, the Health Ministry of Bahrain publishes a reputable study indicating that coffee drinkers have lower rates of colon cancer. What will the combined impact be on the equilibrium price and quantity of coffee? Explain your reasoning and show it graphically. Make sure you think this through carefully!

An increase in the demand for lobster due to changes in consumer tastes, accompanied by a decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping lobster, will result in an increase in the equilibrium price of lobster and an increase in the equilibrium quantity. a decrease in the equilibrium quantity of lobster; the equilibrium price may increase or decrease. an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease. a decrease in the equilibrium quantity of lobster and no change in the equilibrium price.

Once again, consider the market for avocados. Approximately 32 percent of the world's total production of avocados come from Southern California. Suppose that devastating wildfires destroy large swaths of California's avocado crop. Which of the following statements describes the effect the wildfires will have on the price and quantity (i.e., equilibrium price and equilibrium quantity) of avocados?        The price will increase and the quantity will decrease.       The price will decrease and the quantity will increase.       Both the price and the quantity will decrease.       Both the price and the quantity will increase

Consider the market for apples. For each of the following separate scenarios, determine if the demand curve or supply curve shifts, and in which direction does the curve shift. Farmers receive subsidies for growing apples. [ Choose ] [ Choose ] Supply of apples shifts to the left. Price of apples increases. Demand for apples shifts to the left. Supply of apples shifts to the right. A new apple commercial airs on TV. Demand for apples shifts to the right. Neither demand for apples nor supply of apples shifts. A study is released showing apples improve eyesight. [ Choose ] Price of oranges decreases. Oranges and apples are substitutes. [ Choose ] Because of drought, the amount of apples harvested decreases significantly. [ Choose ] > >

Which would NOT cause a shift of the supply curve to the right? an improvement in production technology a decrease in the price of raw materials used in production prices of related commodities that use the same inputs decrease a reduction in subsidies given to producers

Most people demand goods and services much less than they want. True or False? Explain your answer. How might the price of wheat affect the supply of rice?