The effect of the new dip on the market for potato chips is O A. an increase in the supply of potato chips B. an increase in demand and an increase in the supply of potato chips OC. a decrease in the supply of potato chips and an increase in the quantity of potato chips demanded O D. an increase in demand and an increase in the quantity of potato chips supplied

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 7P
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The graph shows the demand for and supply of potato chips.
Draw a curve that shows the effect of a new dip that increases the quantity of potato chips that
people want to buy by 30 million bags per week at each price. Label the curve.
Draw a point at the new equilibrium price and quantity.
The effect of the new dip on the market for potato chips is
O A. an increase in the supply of potato chips
OB. an increase in demand and an increase in the supply of potato chips
OC. a decrease in the supply of potato chips and an increase in the quantity of potato chips
demanded
O D. an increase in demand and an increase in the quantity of potato chips supplied
105-
95-
85-
75-
65-
55-
possible
Price (cents per bag)
So
Do
45+
105 115 125 135 145 155 165 175 185 195
Quantity (millions of bags per week)
>>> Draw only the objects specified in the question.
Q
Transcribed Image Text:The graph shows the demand for and supply of potato chips. Draw a curve that shows the effect of a new dip that increases the quantity of potato chips that people want to buy by 30 million bags per week at each price. Label the curve. Draw a point at the new equilibrium price and quantity. The effect of the new dip on the market for potato chips is O A. an increase in the supply of potato chips OB. an increase in demand and an increase in the supply of potato chips OC. a decrease in the supply of potato chips and an increase in the quantity of potato chips demanded O D. an increase in demand and an increase in the quantity of potato chips supplied 105- 95- 85- 75- 65- 55- possible Price (cents per bag) So Do 45+ 105 115 125 135 145 155 165 175 185 195 Quantity (millions of bags per week) >>> Draw only the objects specified in the question. Q
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