According to a Supply and Demand Model for Apples,if the Average

question 131

Multiple Choice

According to a supply and demand model for apples,if the average household income decreases at the same time ten apple orchards go out of business,one would expect the:

• A) equilibrium price of apples to increase and the equilibrium quantity of apples in the market to decrease.
• B) equilibrium price of apples to be indeterminate and the equilibrium quantity of apples in the market to increase.
• C) equilibrium quantity of apples in the market to be indeterminate and the equilibrium price of apples to increase.
• D) equilibrium quantity of apples in the market to decrease and the equilibrium price of apples to stay the same.
• E) equilibrium quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate.

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