Suppose the market for peanut butter experiences the following event: An increase in peanut allergies reduces the number of buyers for peanut The effect on equilibrium will be: O Decrease in equilibrium price and increase in equilibrium quantity Increase in equilibrium price and decrease in equilibrium quantity

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Suppose the market for peanut butter experiences the following event:
An increase in peanut allergies reduces the number of buyers for peanut butter.
The effect on equilibrium will be:
O Decrease in equilibrium price and increase in equilibrium quantity
O Increase in equilibrium price and decrease in equilibrium quantity
O Decrease in equilibrium price and quantity
O Increase in equilibrium price and quantity
Transcribed Image Text:Suppose the market for peanut butter experiences the following event: An increase in peanut allergies reduces the number of buyers for peanut butter. The effect on equilibrium will be: O Decrease in equilibrium price and increase in equilibrium quantity O Increase in equilibrium price and decrease in equilibrium quantity O Decrease in equilibrium price and quantity O Increase in equilibrium price and quantity
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