I need help with the first three What Happens When... ?Directions: For each scenario, determine if there will be an increase or decrease in either the supply orquantity supplied. Delete the incorrect option, so that the remaining answer makes the sentence correct.1. If the price of gum decreases, the (supply/quantity supply) for gum will (increase / decrease).2. If market experts announce that price of gold is expected to rise 25% in May, the (supply/quantitysupply) for gold will (increase / decrease) in April.3. If dairy farmers announces a price increase on milk, the (supply/quantity supply) for cheese will(increase / decrease).4. If firms notice that people are stockpiling toilet paper causing profits in that industry to rise, the(supply/quantity supply) for napkins will (increase / decrease).5. If innovations occur in the chatbot field, the (supply/quantity supply) of customer service options will(increase/ decrease).6. If Congress and the Federal Reserve announce stimulus packages for businesses during economicdownturns, the (supply/quantity supply) for airlines will (increase / decrease).7. If new arable land 1s discovered in Georgia, there will be an (increase/decrease) in the(supply/quantity supply) of peaches8 If the price of socks increases, there will be an (increase decrease) in the (supply/quantity supply) forsocks.

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Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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