Suppose the market for gourmet chocolate is in long-run equilibrium, and an economic downturn has reduced consumer
Question:
a. What will happen to demand—shift right, shift left, no shift?
b. What will happen to profits for chocolate producers in the short run—increase, decrease, or no change?
c. What will happen to the short-run supply curve—increase, decrease, or no change?
d. What will happen to the long-run supply curve—increase, decrease, or no change?
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a Demand will shift left since income fell b Profits for chocolate producer...View the full answer
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