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The quantity demanded of walnuts is greater than the quantity supplied.

The quantity demanded of walnuts is greater than the quantity supplied.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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q 34 and 35 please thank you multichoice

QUESTION 34 Which of the following is evidence of a shortage of walnuts? Firms lower the price of walnuts. The price of cashews is lowered in order to make up for the walnut shortage. The equilibrium price of walnuts falls due to a decrease in demand. The quantity demanded of walnuts is greater than the quantity supplied. QUESTION 35 Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect? A decrease in the price of orange juice processing. An increase in the cost of fertiliser used for orange groves. A decrease in income, assuming orange juice is a normal good. A decrease in the population.
Transcribed Image Text:QUESTION 34 Which of the following is evidence of a shortage of walnuts? Firms lower the price of walnuts. The price of cashews is lowered in order to make up for the walnut shortage. The equilibrium price of walnuts falls due to a decrease in demand. The quantity demanded of walnuts is greater than the quantity supplied. QUESTION 35 Orange juice drinkers want to consume more orange juice at a lower price. Which of the following events would have this effect? A decrease in the price of orange juice processing. An increase in the cost of fertiliser used for orange groves. A decrease in income, assuming orange juice is a normal good. A decrease in the population.
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