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

question 166

Multiple Choice

According to a supply and demand model for apples,if the average household income decreases at the same time 10 apple orchards go out of business,one would expect the equilibrium

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

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Definitions:

Inventory

Inventory refers to the total amount of goods and materials held by a business for the purpose of resale or production.

Slope-intercept Form

An equation of a straight line in the format y = mx + b, where m is the slope and b is the y-intercept.

Slope

The measure of the steepness of a line on a graph, defined as the ratio of the vertical change to the horizontal change between two points on the line.

General Form

A way of expressing something that is not specific to any particular case but can apply broadly across instances.