A decrease in the supply of chocolate chips would usually result in a
a. higher equilibrium price and a lower equilibrium quantity
b. lower equilibrium price and a lower equilibrium quantity
c. lower equilibrium price and a higher equilibrium quantity
d. higher equilibrium price and a higher equilibrium quantity
e. decrease in the demand for chocolate chips
Question 2
A new hormone will increase the amount of milk each cow produces. If this hormone is adopted by many dairies, what will be the effect on the milk market?
a. an increase in supply, higher equilibrium price, and lower equilibrium quantity
b. a decrease in supply, lower equilibrium price, and lower equilibrium quantity
c. an increase in supply, lower equilibrium price, and higher equilibrium quantity
d. an increase in supply, higher equilibrium price, and higher equilibrium quantity
e. a decrease in supply, lower equilibrium price, and higher equilibrium quantity
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