Youlovepeanutbutter.Youhearonthenewsthat50percentofthepeanutcropintheSouthhasbeenwipedoutbydroughtandthatthiswillcausethepriceofpeanutstodoublebytheendoftheyear.Asaresult,yourdemandforpeanutbutter
A. will increase but not until the end of the year.
B. increases today.
C. decreases as you look for a substitute good.
D. shifts left today.
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Whatwillhappenintheartichokemarketnowifbuyersexpecthigherartichokepricesinthenearfuture?
A. The demand for artichokes will increase.
B. The demand for artichokes will decrease.
C. The demand for artichokes will be unaffected.
D. The supply of artichokes will increase.
Thequantitysuppliedofagoodistheamountthat
A. buyers are willing and able to purchase.
B. sellers are able to produce.
C. buyers and sellers agree will be brought to market.
D. sellers are willing and able to sell.
Amovementalongthesupplycurvemightbecausedbyachangein
A. production technology.
B. input prices.
C. expectations about future prices.
D.the price of the good or service that is being supplied.
Holdingthenonpricedeterminantsofsupplyconstant,achangeinpricewould
A. result in either a decrease in supply or an increase in supply.
B. result in a movement along a stationary supply curve.
C. result in a shift of demand.
D. have no effect on the quantity supplied.
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