For each of the following cases, say whether the predominant change is a movement of the...
For each of the following cases, say whether the predominant change is a movement of the demand curve or the supply curve.
Caviar (Prices go up and less is sold)
1. Demand (up)
2. Demand (down)
3. Supply (up)
4. Supply (down)
Homework Answers
It has been stated that prices of Caviar has gone up and quanity sold has decreased.
The equilibrium price of a good increases and the equilibrium quantity of a good decreases when there is decrease in supply and demand remains unchanged.
Thus,
The predominant change in this case is the downward movement of the supply curve.
Hence, the correct answer is the option (4) [Supply (down)].
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