The market for fresh chicken is at its market equilibrium. Now the price of beef rises and the number of chicken producers increases. What happens to the equilibrium price and equilibrium quantity of chicken? With all other influences on the market for chicken remaining the same, the equilibrium price of a chicken ________ and the equilibrium quantity of chicken ________. A. might rise, fall, or not change; will decrease B. might rise, fall, or not change; will increase C. rise; might increase, decrease, or not change D. rise; will increase
The market for fresh chicken is at its market equilibrium. Now the price of beef rises and the number of chicken producers increases. What happens to the equilibrium price and equilibrium quantity of chicken? With all other influences on the market for chicken remaining the same, the equilibrium price of a chicken ________ and the equilibrium quantity of chicken ________. A. might rise, fall, or not change; will decrease B. might rise, fall, or not change; will increase C. rise; might increase, decrease, or not change D. rise; will increase
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The market for fresh chicken is at its market equilibrium . Now the price of beef rises and the number of chicken producers increases. What happens to the equilibrium price and equilibrium quantity of chicken?
With all other influences on the market for chicken remaining the same, the equilibrium price of a chicken ________ and the equilibrium quantity of chicken ________.
A.
might rise, fall, or not change; will decrease
B.
might rise, fall, or not change; will increase
C.
rise; might increase, decrease, or not change
D.
rise; will increase
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