Use appropriate supply and demand diagrams to analyze the effects on the market equilibrium price and quantity traded of chicken, following:

1. A fall in the price of fish which is a substitute for chicken.[2 marks]
2. A successful advertising campaign by the government promoting the benefits of eating chicken. [2marks]
3. An outbreak of bird flu leads the government to have a large proportion of the country's stock of chickens destroyed. [2 marks]

Answer rating: 100% (QA)

Question 1 A fall in the price of fish which is a substitute for chicken will lead to an increase in ... View the full answer