7. Which of the following would cause a decrease in the supply of peanut butter?
8. An increase in population would be represented by a change from
9. Let D= demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the
market for walnuts if the Centers for Disease Control and Prevention announces that consuming a half
cup of walnuts each week helps to lower bad levels of cholesterol?
10. An increase in the demand for lobster due to changes in consumer tastes, accompanied by a
decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping
lobster, will result in
an increase in the equilibrium price of lobster; the equilibrium quantity may increase or