If the Market for Chocolate Was at the Equilibrium Point

question 11

Short Answer

If the market for chocolate was at the equilibrium point and suddenly half of the chocolate in the world disappeared, what would be the immediate effect?
The price would increase due to a shortage.
The price would decrease due to market equilibrium.
The price would increase due to a surplus.
The price would decrease due to a surplus.
There would be no change in either price or demand.

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Definitions:

Freud

Known as the father of psychoanalysis, he developed theories about the unconscious mind, the structure of personality, and the role of sexuality in human psychology.

Differentiate

The act of distinguishing or distinguishing between two or more things, often used in mathematics to describe the process of finding a derivative.

Affiliate

To officially attach or connect to an organization or a body.

Identification

The process of associating oneself with specific groups, roles, or causes, or recognizing something as being certain or belonging to a particular category.