Assume that consumers begin to prefer canned sardines over canned tuna.
Which of the following will likely happen to the price and quantity of canned tuna?
Price and quantity will increase.
Price and quantity will decrease.
Price will increase. Quantity will decrease.
Price will decrease. Quantity will increase.
From 2017 to 2018, the price of an ice cream at Coconuts rose $0.50. The equilibrium quantity fell by 50 scoops per week. Which of the following explains the impact on market clearing price and equilibrium quantity for ice cream at Coconuts?
Demand for coffee increased.
Demand for coffee decreased.
Supply of coffee increased.
Supply of coffee decreased.
Dana sells donuts. Last month, she saw that the market clearing price and the quantity of donuts that she sold both rose. What could best explain this change in price and quantity?
Demand for donuts rose.
Demand for donuts fell.
Supply of donuts rose.
Supply of donuts fell.
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