The following graph depicts the market for candy bars, currently in equilibrium. Suppose there is a decrease in cocoa prices. Shift either the supply curve or demand curve on the following graph to depict this decrease in cocoa prices, then answer the questions that follow. As a result of the decrease in cocoa prices, the equilibrium quantity of candy bars has(DECREASED/ INCREASED), and the equilibrium price has (DECREASED/ INCREASED)

The following graph depicts the market for candy bars, currently in equilibrium. Suppose there is a decrease in cocoa prices. Shift either the supply curve or demand curve on the following graph to depict this decrease in cocoa prices, then answer the questions that follow. As a result of the decrease in cocoa prices, the equilibrium quantity of candy bars has(DECREASED/ INCREASED), and the equilibrium price has (DECREASED/ INCREASED)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section3.3: Consumerism

Problem 1R

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