If the demand for jelly increases, and the price of grapes (used to make jelly) rises
A) the equilibrium quantity of jelly falls and the equilibrium price of jelly might rise or fall.
B) the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall.
C) the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall.
D) the equilibrium price of jelly falls and the equilibrium quantity of jelly rises.
C
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A hypothesis states that religious teachings, family ties, and/or social norms are the root cause of economic prosperity. According to this hypothesis:
A) culture is a proximate cause of prosperity. B) geography is a fundamental cause of prosperity. C) institutions is a fundamental cause of prosperity. D) culture is a fundamental cause of prosperity.
Something will be rare but not scarce if very little of it exists and
A) its price is high enough that only a few wish to purchase it. B) its price is high enough that no one can afford it. C) no one wants any. D) the quantity supplied is greater than the quantity demanded.