Recall the Application About the Decrease in the Price of Wool

question 14

Multiple Choice

Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s) . In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.
-According to the Application,why might introducing sheep shearing not be an effective policy to raise wool prices?

• A) Increased sheep shearing might decrease the demand for wool.
• B) Increased sheep searing might increase the demand for wool substitutes.
• C) Increased sheep shearing will definitely increase the demand for wool, causing the prices to drop.
• D) Increased sheep shearing will definitely increase the supply of wool, causing the prices to drop.

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