In the market for diamonds, assuming everything else remains unchanged, the equilibrium price of diamonds will decrease if A there is a shortage of diamonds. B the price of gold, a complement, decreases. C the supply of diamonds decreases. D the price of cubic zirconia’s, a substitute, increases. E there is a technological improvement in mining equipment.
In the market for diamonds, assuming everything else remains unchanged, the equilibrium price of diamonds will decrease if A there is a shortage of diamonds. B the price of gold, a complement, decreases. C the supply of diamonds decreases. D the price of cubic zirconia’s, a substitute, increases. E there is a technological improvement in mining equipment.
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
Related questions
Question
In the market for diamonds, assuming everything else remains unchanged, the
A there is a shortage of diamonds.
B the price of gold, a complement, decreases.
C the supply of diamonds decreases.
D the price of cubic zirconia’s, a substitute, increases.
E there is a technological improvement in mining equipment.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning