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 result of the falling prices of wool worldwide?

Question

Quizplus · Accepted Answer

The falling prices of wool worldwide likely led to a lower quantity of wool supplied, as producers may reduce production when prices are not favorable.

Recall the Application About the Decrease in the Price of Wool