An increase in the demand for peanuts due to changes in consumer ...

[saraeharris]

An increase in the demand for peanuts due to changes in consumer tastes, accompanied by an increase in the supply of peanuts as a result of favorable growing conditions, will result in
 
  A) an increase in the equilibrium price of peanuts and no change in the equilibrium quantity.
  B) an increase in the equilibrium quantity of peanuts; the equilibrium price may increase or decrease.
  C) an increase in the equilibrium price of peanuts; the equilibrium quantity may increase or decrease.
  D) an increase in the equilibrium quantity of peanuts and no change in the equilibrium price.

Question 2

List three key reasons to study economics.
 
  What will be an ideal response?

[dajones82]

Answer to Question 1

B

Answer to Question 2

(1.) Learn a way of thinking.
(2.) Understand society.
(3.) Be an informed citizen.