Suppose a Drought Resulted in a Major Reduction in the California

question 40

Multiple Choice

Suppose a drought resulted in a major reduction in the California lettuce crop.In the market for lettuce

• A)the supply curve shifted to the left resulting in an increase in the equilibrium price.
• B)the supply curve shifted to the left resulting in a decrease in the equilibrium price.
• C)the demand curve shifted to the right resulting in an increase in the equilibrium price.
• D)the demand curve shifted to the left resulting in a decrease in the equilibrium price.

---

Definitions:

Joint Ventures

Business arrangements where two or more parties agree to pool their resources for the purpose of accomplishing a specific task, project, or business activity.

Cross-Border Mergers

Transactions whereby companies from different countries combine their operations or assets, often to expand market reach, diversify, or achieve competitive advantages.

Entrepreneurship

The process of designing, launching, and running a new business, often characterized by innovation and risk-taking.

Chinese Business Culture

A unique set of traditions and practices that influence how business is conducted in China, emphasizing relationships, respect, and hierarchy.