Suppose the market for pears has perfectly elastic demand and somewhat inelastic supply. Favorable weather during the growing season would shift the equilibrium in the pear market so O A. price rises and quantity is unchanged. OB. price falls and quantity is unchanged. OC. quantity rises and price is unchanged. O D. quantity falls and price is unchanged. OE one cannot predict without knowing the exact elasticity of supply.

Suppose the market for pears has perfectly elastic demand and somewhat inelastic supply. Favorable weather during the growing season would shift the equilibrium in the pear market so O A. price rises and quantity is unchanged. OB. price falls and quantity is unchanged. OC. quantity rises and price is unchanged. O D. quantity falls and price is unchanged. OE one cannot predict without knowing the exact elasticity of supply.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3PA: Suppose the price elasticity of demand for heating oil is 02. in the short run and 0.7 in the long...

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