Asked by Chamil Bruno on May 07, 2024
Verified
(Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply.The figure shows how supply and demand might shift in response to specific events.Suppose the population increases.Which panel BEST describes how this will affect the market for apples?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
Population
The total number of people inhabiting a particular area, region, or country.
Apples
A fruit produced by an apple tree, broadly consumed worldwide and available in many varieties.
- Consider the impact of external aspects on the equilibrium prices and traded quantities within the market.
Verified Answer
DD
DilYar DilshatMay 13, 2024
Final Answer :
C
Explanation :
Panel C best describes the effect of a population increase on the market for apples. It shows an increase in demand (the demand curve shifts to the right) without a change in supply. An increase in population typically raises the number of consumers, which increases the demand for goods, including apples, without immediately affecting the supply.
Learning Objectives
- Consider the impact of external aspects on the equilibrium prices and traded quantities within the market.
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