Explain What Would Happen to the Equilibrium Price and Quantity

question 48

Essay

Explain what would happen to the equilibrium price and quantity of pineapples if the supply of pineapples decreased while the demand for pineapples increased.

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Definitions:

Externalities

Economic side effects or consequences of an industrial or commercial activity that affect other parties without being reflected in the cost of the goods or services involved, either positively (benefits) or negatively (costs).

Third Parties

Third parties refer to individuals or entities that are not directly involved in a transaction or agreement but may be indirectly affected or have an interest in it.

Main Source

is the primary origin or initial supplier of information, goods, or services.

Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.