What happens when the wearing of scarves becomes MORE POPULAR (MORE FASHIONABLE) among consumers? What is the effect of this scenario on the EQUILIBRIUM PRICE of scarves?   A. Equilibrium price will DECREASE as a result of this scenario.   B. Equilibrium price will INCREASE as a result of this scenario.   C. Equilibrium price will REMAIN THE SAME as a result of this scenario.   What is the effect of this scenario on the EQUILIBRIUM QUANTITY of scarves?   A. Equilibrium QUANTITY will DECREASE as a result of this scenario.   B. Equilibrium QUANTITY will INCREASE as a result of this scenario.   C. Equilibrium QUANTITY will REMAIN THE SAME as a result of this scenario.

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
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What happens when the wearing of scarves becomes MORE POPULAR (MORE FASHIONABLE) among consumers?

What is the effect of this scenario on the EQUILIBRIUM PRICE of scarves?

  A.
Equilibrium price will DECREASE as a result of this scenario.
  B.
Equilibrium price will INCREASE as a result of this scenario.
  C.
Equilibrium price will REMAIN THE SAME as a result of this scenario.

 

What is the effect of this scenario on the EQUILIBRIUM QUANTITY of scarves?

  A.
Equilibrium QUANTITY will DECREASE as a result of this scenario.
  B.
Equilibrium QUANTITY will INCREASE as a result of this scenario.
  C.
Equilibrium QUANTITY will REMAIN THE SAME as a result of this scenario.
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