An increase in the supply of oranges in a town drives down its price by 5 percent. Which of the following changes will be observed in the market?
a. The demand for oranges will decrease.
b. The demand for oranges will increase.
c. The quantity of oranges demanded will increase.
d. The quantity of oranges demanded will decrease.
C
Economics
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Which of the following always results in an increase in equilibrium price and quantity?
A) an increase in supply and a decrease in demand B) an increase in demand with no change in supply C) an increase in supply with no change in demand D) all of the above
Economics
What did economists Robert Jensen and Nolan Miller determine must be true for a good to be a Giffen good, where the income effect is larger than its substitution effect?
What will be an ideal response?
Economics