Consider the market for apples. For each of the following separate scenarios, determine if the demand curve or supply curve shifts, and in which direction does the curve shift. Farmers receive subsidies for growing apples. [ Choose ] [ Choose] Supply of apples shifts to the left. Price of apples increases. Demand for apples shífts to the left. Supply of apples shifts to the right. A new apple commercial airs on TV. Demand for apples shifts to the right. Neither demand for apples nor supply of apples shifts. A study is released showing apples improve eyesight. [ Choose ] Price of oranges decreases. Oranges and apples are substitutes. [ Choose ] Because of drought, the amount of apples harvested decreases significantly. [ Choose ] > > <>

Consider the market for apples. For each of the following separate scenarios, determine if the demand curve or supply curve shifts, and in which direction does the curve shift. Farmers receive subsidies for growing apples. [ Choose ] [ Choose] Supply of apples shifts to the left. Price of apples increases. Demand for apples shífts to the left. Supply of apples shifts to the right. A new apple commercial airs on TV. Demand for apples shifts to the right. Neither demand for apples nor supply of apples shifts. A study is released showing apples improve eyesight. [ Choose ] Price of oranges decreases. Oranges and apples are substitutes. [ Choose ] Because of drought, the amount of apples harvested decreases significantly. [ Choose ] > > <>

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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