Recall the Application about the price and supply of blueberries to answer the following question(s).
-Recall the Application.If the quantity of blueberries demanded decreases,prices ________ in the short run and ________ as supply drops to meet demand.

Question

Quizplus · Accepted Answer

When the quantity of blueberries demanded decreases, prices fall in the short run due to the excess supply. Over time, as suppliers adjust to the lower demand by reducing the quantity supplied, the market stabilizes at a new equilibrium with lower prices.

Recall the Application About the Price and Supply of Blueberries