Carefully explain what is happening in the market. Indicate the impact if any on demand, supply, price and quantity: In the market for shrimp, the price of chicken falls (shrimp and chicken are substitutes). Impact on demand Impact on supply Impact on price Impact on quantity Choose... Choose... Choose... Choose... → + ◆ →

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter5: Supply, Demand, And Price: Applications
Section: Chapter Questions
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Carefully explain what is happening in the market. Indicate the impact if any on demand, supply, price and quantity:
In the market for shrimp, the price of chicken falls (shrimp and chicken are substitutes).
Impact on demand
Impact on supply
Impact on price
Impact on quantity Choose...
Choose...
Choose...
Choose...
17
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Transcribed Image Text:Carefully explain what is happening in the market. Indicate the impact if any on demand, supply, price and quantity: In the market for shrimp, the price of chicken falls (shrimp and chicken are substitutes). Impact on demand Impact on supply Impact on price Impact on quantity Choose... Choose... Choose... Choose... 17 <>
ld
3
Choose...
Choose...
Decrease equilibrium quantity
Decrease towards equilibrium
4
*******
Shift outwards / to right
Change in price uncertain
No impact
Decrease equilibrium price
Excess supply
Shift inwards / to left
Increase towards equilibrium
Increase equilibrium quantity
Change in quantity uncertain
Excess demand
Increase equilibrium price
Choose...
Transcribed Image Text:ld 3 Choose... Choose... Decrease equilibrium quantity Decrease towards equilibrium 4 ******* Shift outwards / to right Change in price uncertain No impact Decrease equilibrium price Excess supply Shift inwards / to left Increase towards equilibrium Increase equilibrium quantity Change in quantity uncertain Excess demand Increase equilibrium price Choose...
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