You love peanut butter.You hear on the news that 50% of the peanut crop in North America has been wiped out,which will cause the price to double by the end of the year.What happens as a result?
A) Your demand for peanut butter will increase at the end of the year.
B) Your demand for peanut butter increases today.
C) Your demand for peanut butter falls as you look for a substitute good.
D) Your demand for peanut butter falls because the price increases today.
Correct Answer:
Verified
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