Which of the following events would unambiguously cause an increase in the equilibrium price of cotton...
Which of the following events would unambiguously cause an increase in the equilibrium price of cotton shirts?
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Homework Answers
Ans) When Demand increases (ie demand curve shifts to the right) and supply decreases (ie supply curve shifts to the left), price will increase and change in quantity will depend upon the magnitude of shift of demand and supply.
Option c. It is because wool shirt and cotton shirts are substitutes, so increase in price of wool shift will increase the demand for cotton shirt. And increase in price of raw material will decrease the supply.
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