If hipsters decide that Pabst Blue Ribbon has become cliché and they seek out a more iconic beverage, what will happen in the market for PBR?
A) Demand will decrease, quantity demanded will decrease, and price will increase.
B) Supply will decrease, quantity demanded will decrease, and price will decrease.
C) Demand will decrease, quantity supplied will decrease, and price will decrease.
D) Demand will decrease, quantity supplied will increase, and price will decrease.

Question

Quizplus · Accepted Answer

If hipsters decide PBR is cliché, demand for PBR will decrease. As a result, the quantity supplied will decrease because suppliers will produce less at the lower price, leading to a decrease in price.

If Hipsters Decide That Pabst Blue Ribbon Has Become Cliché