Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.
-According to the Application,which of the following is the most likely reason for the falling prices of wool worldwide?

Question

Quizplus · Accepted Answer

The application states that the world price of wool decreased by about 30 percent in the 1990s and prices have remained relatively low since then. This suggests that there is a lower demand for wool, which is likely the reason for the falling prices.

Recall the Application About the Decrease in the Price of Wool