Asked by Shaylie Pickrell on Jun 01, 2024
Verified
Which of the following will cause the price of beer to rise?
A) A shift to the right in the demand curve for beer
B) A shift to the left in the supply curve of beer
C) both A and B
D) none of the above
Demand Curve
A graph showing the relationship between the price of a good and the quantity demanded by consumers, usually downward-sloping to indicate that demand decreases as price increases.
Supply Curve
The supply curve is a graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing and able to supply in the market.
Price of Beer
The amount of money required to purchase a unit of beer, influenced by factors such as production costs, taxes, and market demand.
- Comprehend how supply and demand variations dictate market equilibrium changes.
Verified Answer
ZK
Zybrea KnightJun 03, 2024
Final Answer :
C
Explanation :
Both a shift to the right in the demand curve for beer (indicating an increase in demand) and a shift to the left in the supply curve of beer (indicating a decrease in supply) will cause the price of beer to rise.
Learning Objectives
- Comprehend how supply and demand variations dictate market equilibrium changes.