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The measures taken to combat COVID have caused supply to drop globally. What are the affects of this and what should be done about it?
The sudden increase or decrease in the supply of the commodity in an economy that results in a sudden rise in price or sudden decrease in the price of the commodity is called the supply shock.
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- An increase in technology with a simultaneous decrease in the number of buyers will cause the equilibrium price to fall and equilibrium quantity to be indeterminate. True FalseIn an effort to protect its domestic pear production, the Kingdom of Genovia decides to place an import tariff on pears. Which of the following correctly explains the tariff’s effect on domestic demand? Choice 1 of 4:The tariff will raise domestic prices and decrease the quantity demanded.Choice 2 of 4:The tariff will raise domestic prices and cause the demand curve to shift left.Choice 3 of 4:Tariffs do not impact the domestic quantity demanded.Choice 4 of 4:The tariff will lower domestic prices and increase the quantity demanded.if the equilibrium quantity is 50 units, show on a raph that the difference between the maximum buying price & minimum selling price is greater at 25 than at 33 units.
- If all consumers became vegetarians, what impacts would this have on the meat industry and animal population?News about high levels of criminal activity in South Africa discourages American tourists from visiting South Africa. This decline in the number of tourists from the USA will lead to:Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why?