Asked by Larissa Snodgrass on Jul 12, 2024
Verified
Holding other factors constant,if bad weather destroys the annual crop for carrots,it causes the supply curve for carrots to
A) Shift to the left,causing the prices of carrots to rise
B) Shift to the left,causing the prices of carrots to fall
C) Stay the same
D) The supply curve does not shift.Only the demand curve shifts.
Annual Crop
Plants that are sown, grow, are harvested, and die all in one growing season or year.
Supply Curve
A graphical representation that shows the relationship between the price of a good and the quantity of the good that producers are willing and able to sell.
Carrots
In a metaphorical sense, incentives or rewards used to motivate behavior; in a literal sense, a root vegetable typically orange in color.
- Comprehend the financial consequences resulting from changes in supply curves, attributable to both natural occurrences and economic elements.
Verified Answer
MA
Morgan AdkinsJul 15, 2024
Final Answer :
A
Explanation :
Bad weather destroying the annual crop for carrots causes a decrease in the quantity supplied at every price. This means that the supply curve shifts to the left. The leftward shift of the supply curve results in a higher equilibrium price and a lower equilibrium quantity of carrots. Therefore, the correct answer is A.
Learning Objectives
- Comprehend the financial consequences resulting from changes in supply curves, attributable to both natural occurrences and economic elements.