Question: Hi ,can you please help me with these two . 1) In the market for hula-hoops, the fact that supply and demand do not intersect

Hi ,can you please help me with these two . 1) In the market for hula-hoops, the fact that supply and demand do not intersect (or the intersection lies below the x-axis) means that even when the hula-hoops are free there is a (scarcity/surplus/shortage/equilibrium) of hula-hoops. When the mob of kids sees the little boy doing all sorts of tricks with the hula-hoop, this causes the ( equilibrium/ demand curve / supply curve/ market) to shift to the ( right/ left) which causes the ( supply to increase/ price to fall/ price to increase/ supply to fall). 2) Which determinant of demand or supply caused the change in the market for hula-hoops: which one would be the correct? a) consumer tastes and preferences b) the cost of production c). income of consumers d) price of a related good e) the level of technology. link : https://vimeo.com/194568795

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!