Answer: The equilibrium price of lcd tvs will
a. Increase and the equilibrium quantity will increase.
When the price of a substitute of lcd tvs rise, the demand for lcd tvs will rise, since they become cheaper than the substitute.
This will cause the existing demand curve to shift outwards, resulting in a rise in quantity.
As a result of the outward shift, the quantity supplied will also rise and so will the equilibrium price.
Answer:
The correct answer is: market efficiency; government intervention; specialization; equilibrium.
Explanation:
The owner of the snow cones realizes that the demand for snow cones has decreased in winter, and thus, closes shop to open back. This is an example of market efficiency.
The local river is being polluted too much because of the amount of chemicals being dumped in the river. The government puts regulation on the amount of chemicals being dumped. This is an example of government intervention in the economy.
At a restaurant one chef is placed at the vegetable station, one chef is at meat station, and one is to plate the food. This an example of specialization the management is placing chef that specializes in vegetable, meat and in plating at their respective positions.
The favorable whether leads to increase in supply of oranges. This causes a rightward shift in supply curve. The price of oranges fall as a result. This is an example of change in equilibrium.
The answer is A. ^^ hope that helps!
