D | Question 12 1.32 pts The Market: Potato chips. The Event: A fungal disease a
ID: 1161925 • Letter: D
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D | Question 12 1.32 pts The Market: Potato chips. The Event: A fungal disease affecting potatoes breaks out in Idaho, ravaging the season's potato crop Simultaneously, new research shows potato chips to be one of the healthiest foods you can eat. Given the above information, we can most reasonably expect that in the market for potato chips the demand curve will not shift shift right shift left Question 13 1.32 pts The Market: Potato chips. The Event: A fungal disease affecting potatoes breaks out in Idaho, ravaging the season's potato crop Simultaneously, new research shows potato chips to be one of the healthiest foods you can eat. If the demand curve for potato chips changes, what is the best reason for the change? Change in related goods- substitutes. O Change in the number of buyers the demand curve will not shift but there may be a change in the quantity demanded. ' Change in related goods-complements. Change in tastes and preferences.Explanation / Answer
12) shift right
Demand increases when people get to know that eating potato chips is healthy. Increase in demand leads to rightward shift in demand curve.
13) change in taste and preferences.
People's preferences change towards chips after knowing that chips are healthy.
14) III and V only.
Supply decreases and demand increases. This results in increase price for sure but change in quantity can be determined only when magnitude of changes in demand and supply is known.
15) is concerned with individual economic units and specific markets.
Microeconomics deal with economic problems at individual level.
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