"If a price is not in a equilibrium price, there is a tendency for it to move to its equilibrium level .Regardless of whether the price is too high or too low to begin with, the adjustment process will increase the quantity of the good purchased" Explain, describing movement along the demand and supply curves and the reason for the movement.

Suppose we are analyzing the market for hot chocolate. During this winter season the following two events occurred simultaneously. Explain using the demand and supply curves how these twoevents affect the price and quantity of the hot chocolate.  Event A: The price of cocoa beans decreases.Event B: Consumer income falls because of a recession, and hot chocolate is considered a normalgood

carefully explain what is happening in the following market.indicate the impact if any on demand, supply price and quantity: In the market for peanut butter, there is an increase in the price of jelly. choose the suitable answer for the questions below: 1)impact on supply  2)impact on demand  3)impact on price 4) impact on quantity Answers a. decrease equilibrium quantity  b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium e.increase towards equilibrium f. change in price in uncertain g.decrease equilibrium price h.excess demand i. change in quantity uncertain j.increase equilibrium price k. no impact l.shift outwards/ to right  m.shift inwards/to left