Explain what would happen to the equilibrium price and quantity of pineapples if the supply of pineapples decreased while the demand for pineapples increased
What will be an ideal response?
Equilibrium price would increase. Equilibrium quantity would depend on which change was larger. If the supply decrease was larger than the demand increase, equilibrium quantity would decrease. If the demand increase was larger than the supply decrease, equilibrium quantity would increase.
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