Consider the Market for Pecans, Which Is Currently in Equilibrium

question 18

Multiple Choice

Consider the market for pecans, which is currently in equilibrium. Now, suppose a hurricane destroys a large number of pecan trees. How will the market for pecans change as a result of the hurricane?

• A) The equilibrium price will decrease and the equilibrium quantity will increase due to an increase in supply.
• B) The equilibrium price will increase and the equilibrium quantity will decrease due to a decrease in supply.
• C) The equilibrium price and quantity will fall due to a decrease in supply and demand.
• D) The equilibrium price will increase and the equilibrium quantity will decrease due to a decrease in supply and an increase in demand.

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Definitions:

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Efforts aimed at making significant changes in society to improve the well-being of individuals and the community.