Suppose That the Equilibrium Price of Blackberries Is $3 Per

question 42

Multiple Choice

Suppose that the equilibrium price of blackberries is $3 per pound, and the price of black raspberries (a substitute for blackberries) increases. What happens in the market for blackberries?

• A) An excess supply of blackberries at $3 per pound leads to an increase in quantity demanded and a decrease in quantity supplied.
• B) The demand curve for blackberries shifts to the right, resulting in an increase in both the equilibrium price and the quantity.
• C) An excess demand of blackberries at $3 per pound results in a new equilibrium price that is less than $3 per pound.
• D) The demand curve for blackberries decreases, reducing the equilibrium price and raising the equilibrium quantity.

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