Suppose It Becomes a Common Belief Among Consumers That the Current

question 99

Multiple Choice

Suppose it becomes a common belief among consumers that the current cotton crop falls because of a drought, the price of cotton clothing will rise greatly next year. Then in the current market for cotton clothing, the

• A)equilibrium price will fall and the equilibrium quantity will rise.
• B)equilibrium price and equilibrium quantity will increase as demand increases.
• C)equilibrium price and equilibrium quantity will decrease as demand increases.
• D)demand for cotton clothing will decrease as consumers search for alternatives.
• E)equilibrium price will rise and the equilibrium quantity will fall.

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Definitions:

Gregor Mendel

An Austrian monk considered the father of modern genetics for his work on pea plants, uncovering the fundamental laws of inheritance.

Darwinian Evolution

The theory of biological evolution developed by Charles Darwin, emphasizing natural selection as the primary mechanism for evolution where organisms that are better adapted to their environment tend to survive and reproduce.

Theory of Evolution

The scientific explanation for the diversity of life on Earth, proposing that species change over time through processes such as natural selection and genetic drift.

Modern Synthesis

A comprehensive, unified explanation of evolution based on combining previous scientific theories, especially of Mendelian genetics with Darwin’s scientific theory of evolution by natural selection.