Scientists have developed a bacterium they believe will lower the freezing point of agricultural products. This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the equilibrium price and quantity in, for example, the potato market? price will increase, quantity will increase price will decrease, quantity will decrease price will increase, quantity will decrease. price will decrease, quantity will increase The change in equilibrium price and quantity is indeterminate.
Scientists have developed a bacterium they believe will lower the freezing point of agricultural products. This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the equilibrium price and quantity in, for example, the potato market? price will increase, quantity will increase price will decrease, quantity will decrease price will increase, quantity will decrease. price will decrease, quantity will increase The change in equilibrium price and quantity is indeterminate.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 1SQ
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Scientists have developed a bacterium they believe will lower the freezing point of agricultural products. This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will happen to the
- price will increase, quantity will increase
- price will decrease, quantity will decrease
- price will increase, quantity will decrease.
- price will decrease, quantity will increase
- The change in equilibrium price and quantity is indeterminate.
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