s stay the same. Here are the new buyer values after the announcement: Buyer Buy
ID: 1132642 • Letter: S
Question
s stay the same. Here are the new buyer values after the announcement: Buyer Buyer Value SellerSeller Cost Charles Anand Sam Mica Todd Mark Peter Sven Amy $32 $30 $28 $26 $24 $22 $20 $18 Stuart Loela Cheryl Lucy Christine Mary Saul Rajeev Jessica Ramin Joe $4 $6 $8 $10 $12 $14 $16 $18 $20 $22 $24 Jordan$16 $12 $14 Kerri Note from the table that when the professor announced that the textbook would be required the buyer value for each c buyers increased by s8. According to the model of supply and demand. which statement best describes what happened t equilibrium price and the reason why? O O O C. The price goes up by s4 because it is fair for the buyers and sellers to share equally the etfects of this new A. The price increases by s8 because the books are worth s8 more to each of the buyers, and competition betw the buyers drives the price up by the full amount. B. The price increases by s8 because this is the change in price necessary to reduce the number of to buy to 8 the number that sellers want to sell. information. O D. The price goes up by $4 because this reduces the quantity of books that buyers want to buy from 10 at s14 to s at $18 and increases the quantity of books that sellers want to sell from 6 at $14 to 8 at $18 O E. The price does not increase. The seller costs are the same. As a result. competition between the sellers keeps the price at the same level as before. F. The price does not increase. Buyers will refuse to pay more because costs have not changed Continue without saving Terms of UseExplanation / Answer
ANSWER:
The correct answer is option a as the professor told that books are compulsorily required then the books are more in demand and we know that as the demand increases , the equilibrium price will rise.
other options are wrong because they don't support the rise in equilibrium price
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