Answer the following questions as it relates to the listed non-price factor(s)
of demand and supply (drawing a graph with the necessary changes in
demand and supply will help you answer the questions).
a. An individual gets laid off from his job.
1. This factor is a change in .
2. Which way will the graph shift? .
3. This change will result in a(n) in price and a(n)
in quantity.
b. A new invention increases production.
1. This factor is a change in .
2. Which way will the graph shift? .
3. This change will result in a(n) in price and a(n)
in quantity.
c. There is an increase in price of a substitute good for orange juice and
a frost in Florida destroyed a large amount of the citrus product.
1. This will cause a(n) in demand and a(n)
in supply.
2. The new equilibrium price will .
3. The old equilibrium price will now be a .
(2 pts.) 7. Name the two things that will happen when price is below the equilibrium
price.
Answers: 3
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Answer the following questions as it relates to the listed non-price factor(s)
of demand and supply...
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