Suppose that the equilibrium price of blackberries is $3 per pound, and the price of black raspberries (a substitute for blackberries) increases. What happens in the market for blackberries?
A) An excess supply of blackberries at $3 per pound leads to an increase in quantity demanded and a decrease in quantity supplied.
B) The demand curve for blackberries shifts to the right, resulting in an increase in both the equilibrium price and the quantity.
C) An excess demand of blackberries at $3 per pound results in a new equilibrium price that is less than $3 per pound.
D) The demand curve for blackberries decreases, reducing the equilibrium price and raising the equilibrium quantity.
Correct Answer:
Verified
Q75: Suppose that farmers can use their land
Q76: Suppose that the market demand and supply
Q77: Suppose that the inverse demand curve for
Q78: (Figure: Price and Quantity of Turkeys I)
Q79: Suppose the demand for fabric softener can
Q81: The inverse supply equation for clay pots
Q82: Which of the following is a key
Q83: (Figure: Price Elasticity of Demand) What is
Q84: To test whether the law of demand
Q85: Suppose that the demand and supply curves
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents