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Author Question: If consumers switch away from eating margarine at the same time that the number of margarine ... (Read 90 times)

Themember4

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on: Jun 30, 2018
If consumers switch away from eating margarine at the same time that the number of margarine suppliers increases, then:
 a. these two effects cancel each other out and there is no change in the margarine market equilibrium.
  b. the demand curve shifts left and the supply curve shifts right.
  c. there is a margarine price increase.
  d. there is an excess demand for margarine.
  e. the equilibrium quantity of margarine must increase.

Question 2

Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
 a. Price will increase, and quantity will increase.
  b. Price and quantity will stay the same.
  c. Price will decrease, and quantity will increase.
  d. Price will increase, and quantity will decrease.
  e. Price will decrease, and quantity will decrease.


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Brummell1998

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

e


Themember4

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Reply #2 on: Jun 30, 2018
Thank you :)


Brummell1998

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Reply #3 on: Jun 30, 2018
Happy to help you


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