26. Suppose that the equilibrium price of blackberries is S3 per pound, and the price of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
26. Suppose that the equilibrium price of blackberries is S3 per pound, and the price of black raspberries (a substitute for blackberries) increases. What happens in the market for blackberries? An excess supply of blackberries at $3 per pound leads to an increase in quantity demanded and a decrease in quantity supplied. The demand curve for blackberries decreases, reducing the equilibrium price and raising the equilibrium quantity. O The demand curve for blackberries shifts to the right, reflecting an increase in both the equilibrium price and the quantity. An excess demand of blackberries at $3 per pound results in a new equilibrium price that is less than $3 per pound. 26. Suppose that the equilibrium price of blackberries is S3 per pound, and the price of black raspberries (a substitute for blackberries) increases. What happens in the market for blackberries? An excess supply of blackberries at $3 per pound leads to an increase in quantity demanded and a decrease in quantity supplied. The demand curve for blackberries decreases, reducing the equilibrium price and raising the equilibrium quantity. O The demand curve for blackberries shifts to the right, reflecting an increase in both the equilibrium price and the quantity. An excess demand of blackberries at $3 per pound results in a new equilibrium price that is less than $3 per pound.
Expert Answer:
Answer rating: 100% (QA)
Option 3 is correct The demand curve for BlackBerry shift to right ref... View the full answer
Related Book For
Posted Date:
Students also viewed these economics questions
-
Suppose that, in a small country, the equilibrium price of corn is $300 per ton and that the government establishes a price floor at $400 per ton by promising to buy any resulting surplus. A few...
-
The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever. Three people tried to explain the situation. Which explanations could be right?...
-
Suppose that the equilibrium price of greeting cards declined at the same time the equilibrium quantity of greeting cards increased. Which one of the following would most likely be responsible? a. A...
-
The registrar at a prominent northeastern university recently scheduled an instructor to teach two different classes at the same exact time. Help the registrar prevent future mistakes by describing a...
-
Singapore Telecommunications (SingTel), Southeast Asia's biggest telecoms firm, posted a 2.3% fall inquarterly profit due to a steep fall in contribution from its Indian unit Bharti Airtel and...
-
Predict the effect of each of the following mutants on the rate of glycolysis in liver cells (increase, decrease, no change): (a) Loss of the allosteric site for ATP in PFK-1 (b) Loss of the binding...
-
Evaporative condenser has (a) steam in pipes (b) meter in pipes (c) steam mixed with meter in pipes (d) all of the above
-
Charlies Cycles Inc. has $110 million in sales. The company expects that its sales will increase 5% this year. Charlies CFO uses a simple linear regression to forecast the companys inventory level...
-
What is the output of running class C? class A { public A() { System.out.println("The default constructor of A is invoked"); } } class B extends A { public B() { System.out.println("The default...
-
Toronto Cricket Property Inc. (TPI) has been incorporated with the purpose of build and operate a world-class cricket stadium outside Toronto. The land on which the stadium will be build is currently...
-
113. All are true about p-value except: a. Is the probability of committing Type - I error b. Is equal to 1- beta c. Is the chance that the presence of difference is concluded when actually there is...
-
Wildbird Construction has the following account balances on December 3 1 , 2 0 2 4 . \ table [ [ Accounts , Balances ] , [ Equipment , $ 2 1 , 0 0 0 eBook Hint Print Wildbird Construction has the...
-
. A proton, which is the nucleus of a hydrogen atom, can be modeled as a sphere with a diameter of 2.4 fm and a mass of 1.67 x 10-27 kg. Densities of Some Common Substances at Standard Temperature...
-
Abbot v Burke summarized answering the 3 questions 1. Who filed the lawsuit? When? 2. When did it reach the N.J. Supreme Court? 3. What were the Abbott remedies (there were three)?
-
Q4. Chapter 3: Data Pre-processing [ PLO S3/CLO 2.1/502] [6.5 marks] Redundancy is an important issue in data integration. An attribute may be redundant if it can be "derived (obtained)" from another...
-
1. What is the biggest challenge for social workers to do group work with oppressed, marginalized, or colonized people? What inspires social workers? 2. Explain principles of non-Western healing...
-
Select all that apply Critics argue that joint ventures are used to consolidate more subsidiaries than they should. evade loan covenants. misrepresent the firms' liabilities
-
Provide a draft/outline of legal research involving an indigenous Canadian woman charged with assault causing bodily harm under (Sec 267b) of the Criminal Code, where the crown wants a 12-month jail...
-
On the appropriate diagram, show what happens to the market for pizza if the price of tomatoes rises. On a separate diagram, show what happens to the market for pizza if the price of hamburgers falls.
-
What is a market? What are the characteristics of a perfectly competitive market?
-
Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain.
-
A copper sheet of thickness \(2 L=2 \mathrm{~mm}\) has an initial temperature of \(T_{i}=118^{\circ} \mathrm{C}\). It is suddenly quenched in liquid water, resulting in boiling at its two surfaces....
-
The heat transfer coefficient for hydrogen flowing over a sphere is to be determined by observing the temperature-time history of a sphere fabricated from pure copper. The sphere, which is \(20...
-
A power transistor mounted on a finned heat sink can be modeled as a spatially isothermal object with internal heat generation and an external convection resistance. (a) Consider such a system of...
Study smarter with the SolutionInn App