The graph above represents the market for chicken in this country. What might ha
ID: 1198921 • Letter: T
Question
The graph above represents the market for chicken in this country. What might have happened to cause the change in the price and quantity of chicken (from P1 to P2, and from Q1 to Q2) indicated by this graph?
a)This indicates a decrease in demand for chicken, which could have resulted from changes in consumer preferences or tastes regarding chicken.
b) This indicates a decrease in the supply of chicken, which could have resulted from chicken farmers going out of business or deciding to raise fewer chickens due to increased cost of feed or other inputs.
c) This indicates an increase in the supply of chicken, which could have been caused by more farmers deciding to raise chickens, or by existing farmers choosing to raise more chickens due to higher chicken prices.
b) This indicates a decrease in the supply of chicken, which could have resulted from chicken farmers going out of business or deciding to raise fewer chickens due to increased cost of feed or other inputs.
c) This indicates an increase in the supply of chicken, which could have been caused by more farmers deciding to raise chickens, or by existing farmers choosing to raise more chickens due to higher chicken prices.
e) This indicates an increase in the supply of chicken, which could have been caused by chicken farmers going out of business or raising fewer chickens due to higher costs. Frice Quartity
Explanation / Answer
d) This indicates a decrease in the supply of chicken, which could have been caused by an increase in the price of chicken.
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