In Recent Years the Cost of Producing Organic Produce in Canada

question 278

Multiple Choice

In recent years the cost of producing organic produce in Canada has decreased largely due to technological advancement.At the same time, more and more Canadians prefer organic produce over conventional produce.Which of the following best explains the effect of these events in the organic produce market?

• A)The supply curve has shifted to the left and the demand curve has shifted to the right.As a result there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price.
• B)Both the supply and demand curves have shifted to the right.As a result, there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price.
• C)Both the supply and demand curves have shifted to the right.As a result, there has been an increase in both the equilibrium price and the equilibrium quantity.
• D)The supply curve has shifted to the left and the demand curve has shifted to the right.As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity.

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Definitions:

Norms Of Solidarity

Guidelines that promote social cohesion and mutual aid among members of a society or group, facilitating cooperation and unity.

Social Category

A classification of people based on shared characteristics, without necessarily implying social interaction among the members of the category.

Organizational Environment

The external and internal factors that influence the operations, culture, and success of an organization.

Economic Factors

Elements that influence the performance of an economy, including but not limited to inflation rates, interest rates, government policy, employment levels, and GDP growth.