Asked by
Simone British
on Dec 05, 2024
Verified
(Figure: Shifts in Demand and Supply II) Use Figure: Shifts in Demand and Supply II.The graph shows how supply and demand might shift in response to specific events.Suppose a fall frost destroys one-third of the nation's grapefruit crop.Which panel BEST describes how this will affect the market for vitamin B12 tablets,which are a substitute in consumption for grapefruit?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
Vitamin Tablets
Vitamin tablets are supplements containing vitamins that are taken orally to help meet nutritional needs and prevent deficiencies.
Frost
The formation of thin ice crystals on the ground or objects outside when the temperature falls below the freezing point of water.
Grapefruit Crop
The yield or harvest of grapefruit from a plantation or farm within a specific period.
- Identify the impact of external events on market equilibrium (price and quantity).
- Distinguish between complements and substitutes in consumption and their market effects.
Verified Answer
AH
Learning Objectives
- Identify the impact of external events on market equilibrium (price and quantity).
- Distinguish between complements and substitutes in consumption and their market effects.
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