State the effect of the following events on equilibrium price and quantity of th

Question

State the effect of the following events on equilibrium price and quantity of the market given.

a. Beetle infestation decimates tobacco crop. Market: cigars.

b. The Organization for Petroleum Export Countries raises oil export quotas. Market: gasoline.

c. Digital image albums become the rage among households while improved technology reduces the cost of producing digital cameras. Market: digital cameras.

d. Hurricanes in the Gulf coast cause gasoline supply disruptions while the summer travel season ends. Market: gasoline.

Explanation / Answer

c. Digital image albums become the rage among households while improved technology reduces the cost of producing digital cameras. Market: digital cameras.

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