Given the Products Below and the Events That Affect Them

question 21

Essay

Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity.Identify the determinant of demand or supply that causes the shift.(a) Blue jeans.The wearing of blue jeans becomes less fashionable among consumers.(b) Computers.Parts for making computers fall in price because of improvements in technology.(c) Lettuce.El Nino produces heavy rains that destroy a significant portion of the lettuce crop.(d) Chicken.Beef prices rise because severe winter weather reduces cattle herds.

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Definitions:

Minor

An individual under the legal age of adulthood, generally unable to enter into enforceable contracts except for certain necessities.

Limited Capacity

A legal status or condition that restricts an individual's ability to legally enter into contracts due to factors like age, mental competency, or intoxication.

Contract

A commitment between two or more individuals or groups that is backed by and enforceable through the legal system.

Misrepresents Age

The act of intentionally providing a false age or birth date, typically to bypass age restrictions or for other benefits.