Whenever the price of a good changes in a competitive market it is NOT a result of:

Question

Quizplus · Accepted Answer

A decision by a local farmer to stop selling the good would affect the supply of the good, which would in turn affect the equilibrium price in a competitive market. Therefore, this option is not correct. A change in supply and demand, a change in input prices, and a shift in expectations are all factors that can cause the price of a good to change in a competitive market.

Whenever the Price of a Good Changes in a Competitive