1.05 Market Prices

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Florida Virtual School *

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Economics

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Nov 24, 2024

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Uploaded by AdmiralDiscovery6583

1. "Safer, faster milk for less: dairy leaders describe improved production process." In the graph, it clearly shows that there’s a shift to the right. This means that since there’s a decrease in equilibrium, there’ll be an increase in equilibrium quantity. Milk is being sold less but being produced quickly, so that falls under R. 2. “As more Americans hold on to older vehicles longer, oil and tire change service shops see boom in profits.” Cars usually deteriorate with age, which means that these cars become old and unreliable. That’s when mechanics come in, they come and fix the car which shows that they get more customers and receive increase in demand of service. This shows a shift in demand. In TRIBE, this falls under B, Buyers. Equilibrium prices and quantities rise because of demand.

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b.txt

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