Question

match each label to the appropriate scenario. note that some labels may be used more than once, while other labels may not be used at all. additionally, some scenarios may apply to multiple labels, while other scenarios will only apply to one label.

Answer 1

Demand and supply increases in this scenario:

Gasoline: a new housing development goes up. Several new gas stations are built nearby

Demand increases and supply decreases in this scenario:

Taxis: public transit workers at a popular tourist attraction go on strike as a holiday weekend approaches

Demand and supply decreases in this scenario:

Pumpkins: an early frost destroyed much of the pumpkin crop. A newspaper reports zucchini is better for pie than pumpkin.

Demand decreases and supply increases in this scenario:

Corn: news media run stories about people with corn allergies. The corn crop is unusually large.

The factors that lead to a change in the demand of a good

• Change in the price of a substitute good: if the price of a substitute good increases, the demand for the good increases and if the price of the substitute decreases, the demand for the good decreases.

• Reports: If a favourable report is released about a good, the demand for the good would increase. If the opposite is the case, the demand for the good would decrease.

• Change in weather: When winter is approaching, the demand for winter coats would increase and it would decline in summer.

Factors that lead to a change in supply

• A change in the number of suppliers: if the number of suppliers of a good increases, there would be an increase in supply of the good. If the number of suppliers declines, there would be a fall in supply.

• Natural disaster: A flood would reduce the supply of a good.

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