According to a supply and demand model for apples, if the average household income decreases at the same time ten apple orchards go out of business, one would expect the:

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22-07-2022
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According to a supply and demand model for apples, if the average household income decreases at the same time ten apple orchards go out of business, one would expect the:

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Tutorconsortium323 Tutorconsortium323 · Answer 1 · 2022-07-30T00:26:29+02:00

Based on the law of supply and demand if orchards go out of business and income decreases, the equilibrium price of apples to increase and the equilibrium quantity of apples in the market to decrease.

What would cause the prices of apple to increase?

Due to scarcity, the prices of apple would increase in the market. People would have to pay more to get the product which is now scarce.

When goods are few in the market they become more expensive than they were before.

What is the law of supply and demand ?

The law of supply states that as the price of a good rise, the quantity supplied also rise and as the price of a good go down or fall, the quantity supplied also go down or fall.

The law of demand states that that as the price of a good rise, the quantity demanded go down or fall and as the price of a good go down or fall, the quantity demanded also rise.

Therefore, we can conclude that the correct option is E. The law of supply and demand if orchards go out of business and income decreases, the equilibrium price of apples to increase and the equilibrium quantity of apples in the market to decrease.

Your question is incomplete, but most probably your full question was:

According to a supply and demand model for apples, if the average household income decreases at the same time ten apple orchards go out of business, one would expect the:

a. equilibrium quantity of apples in the market to be indeterminate and the equilibrium price of apples to increase.

b. equilibrium price of apples to be indeterminate and the equilibrium quantity of apples in the market to increase.

c. equilibrium quantity of apples in the market to decrease and the equilibrium price of apples to be indeterminate.

d. equilibrium quantity of apples in the market to decrease and the equilibrium price of apples to stay the same.

e. equilibrium price of apples to increase and the equilibrium quantity of apples in the market to decrease.

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