Refer to Scenario 3.2 below to answer the question(s) that ...

[lindiwe]

Refer to Scenario 3.2 below to answer the question(s) that follow.



SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.





Refer to Scenario 3.2. If at the same time that part of the lettuce crop was destroyed, consumer income also decreased, then, 
ceteris paribus, in the market for lettuce this would have caused

◦ both the equilibrium price and quantity to decrease.
◦ the equilibrium price to increase and the equilibrium quantity to decrease.
◦ the equilibrium price to decrease. The equilibrium quantity could have increased, decreased, or remained the same.
◦ the equilibrium price to either increase, decrease, or remain the same and the equilibrium quantity to decrease.

[peilian]

the equilibrium price to either increase, decrease, or remain the same and the equilibrium quantity to decrease.

[dollx]

Refer to Scenario 3.2 below to answer the question(s) that follow.



SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.





Refer to Scenario 3.2. The government wants to protect consumers from rising food prices. Therefore, price restrictions are imposed on lettuce growers prohibiting them from raising the price of lettuce. This will cause

◦ an excess supply of lettuce.
◦ an excess demand for lettuce.
◦ an increase in the demand for lettuce.
◦ a decrease in the supply of lettuce.

[quynhmickitran]

an excess demand for lettuce.

[dollx]

TY

[quynhmickitran]

You're welcome