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22-07-2019
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Equilibrium price in the peach market has decreased, but equilibrium quantity has stayed the same. Which of the following scenarios might explain this result?I. An increase in peach supply and a perfectly elastic peach demandII. An increase in peach supply and a perfectly inelastic peach demandIII. An increase in peach demand and a decrease in peach supply

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RenatoMattice RenatoMattice

26-07-2019

Answer: (I.) An increase in peach supply and a perfectly elastic peach demand.

Explanation:

Equilibrium price in the peach market has decreased, but equilibrium quantity has stayed the same. The following scenario is possible only when there is an increase in peach supply and a perfectly elastic peach demand.

This can be further explained using a graph:

Ver imagen RenatoMattice

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