In the mid-1990\'s, fashion trends toward loose-fitting, casual cotton clothing

ID: 1091575 • Letter: I

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In the mid-1990's, fashion trends toward loose-fitting, casual cotton clothing drove up the price of domestic cotton. In response, existing domestic farmers switched over from growing soybeans and rice to growing cotton. What best describes the effect of these events?

A. Supply of cotton shifted to the right, price declined, quantity increased. B. Supply of cotton shifted to the left, price increased, and quantity decreased. C. Demand and supply for cotton shifted to the left, quantity increased, and price decreased. D. Demand for cotton shifted to the right, price increased, supply curve shifted to the right, and price decreased in the longer run.

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In the mid-1990\'s, fashion trends toward loose-fitting, casual cotton clothing

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