6. How will the following events affect equilibrium price and quantity for the product highlighted in italics? In each case, identify how the supply or demand curve shifts. a. A drop in consumer incomes influences the demand for dry cleaning b. Declining numbers of law school graduates affect the supply of legal services c. Consumer expectations that the price of turkeys will soon rise affect the current demand for turkeys d. A cost-saving technological innovation influences the supply of rice
6. How will the following events affect equilibrium price and quantity for the product highlighted in italics? In each case, identify how the supply or demand curve shifts. a. A drop in consumer incomes influences the demand for dry cleaning b. Declining numbers of law school graduates affect the supply of legal services c. Consumer expectations that the price of turkeys will soon rise affect the current demand for turkeys d. A cost-saving technological innovation influences the supply of rice
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 5TY
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6. How will the following events affect
a. A drop in consumer incomes influences the demand for dry cleaning
b. Declining numbers of law school graduates affect the supply of legal services
c. Consumer expectations that the price of turkeys will soon rise affect the current demand for turkeys
d. A cost-saving technological innovation influences the supply of rice
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