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Wendy works at a hamburger restaurant that's typical for its overall market. She notices that lately both the equilibrium price and the equilibrium quantity of hamburgers has fallen. Wendy thinks this could have occurred because of one of two events that happened recently: First event: People don't like hamburgers as much as they used to. Second event: The price of the type of meat used to make these hamburgers has fallen. The overall effect on the market here (or at least the dominant change) comes from O the first event (demand shifting right) the second event (supply shifting left) O the first event (demand shifting left) O the second event (supply shifting right)

Wendy works at a hamburger restaurant that's typical for its overall market. She notices that lately both the equilibrium price and the equilibrium quantity of hamburgers has fallen. Wendy thinks this could have occurred because of one of two events that happened recently: First event: People don't like hamburgers as much as they used to. Second event: The price of the type of meat used to make these hamburgers has fallen. The overall effect on the market here (or at least the dominant change) comes from O the first event (demand shifting right) the second event (supply shifting left) O the first event (demand shifting left) O the second event (supply shifting right)

Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 6CQQ
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Wendy works at a hamburger restaurant that's typical for its overall market. She notices that lately both the equilibrium price and the equilibrium quantity of hamburgers has fallen. Wendy thinks this could have occurred because of one of two events that happened recently: First event: People don't like hamburgers as much as they used to. Second event: The price of the type of meat used to make these hamburgers has fallen. The overall effect on the market here (or at least the dominant change) comes from O the first event (demand shifting right) the second event (supply shifting left) the first event (demand shifting left) O the second event (supply shifting right)
Transcribed Image Text:Wendy works at a hamburger restaurant that's typical for its overall market. She notices that lately both the equilibrium price and the equilibrium quantity of hamburgers has fallen. Wendy thinks this could have occurred because of one of two events that happened recently: First event: People don't like hamburgers as much as they used to. Second event: The price of the type of meat used to make these hamburgers has fallen. The overall effect on the market here (or at least the dominant change) comes from O the first event (demand shifting right) the second event (supply shifting left) the first event (demand shifting left) O the second event (supply shifting right)
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