Author Question: Because of unseasonable cold weather, much of the peach crop has been destroyed. This statement ... (Read 146 times)

kaid0807 · **on:** Jun 30, 2018

Because of unseasonable cold weather, much of the peach crop has been destroyed. This statement indicates that the:
a. price of peaches will fall.
b. quantity of peaches that will be available at any given price has decreased.
c. demand for peaches will shift to the left.
d. quantity of peaches that will be available at any given price have increased.

Question 2

Assuming that soybeans and tobacco can both be grown on the same land, a decrease in the price of tobacco, other things being equal, causes a(n):
a. rightward shift of the supply curve for tobacco.
b. upward movement along the supply curve for soybeans.
c. rightward shift in the supply curve for soybeans.
d. leftward shift in the supply curve for soybeans.