What happens when the wearing of scarves becomes MORE POPULAR (MORE FASHIONABLE) among consumers? What is the effect of this scenario on the EQUILIBRIUM PRICE of scarves?   A. Equilibrium price will DECREASE as a result of this scenario.   B. Equilibrium price will INCREASE as a result of this scenario.   C. Equilibrium price will REMAIN THE SAME as a result of this scenario.   What is the effect of this scenario on the EQUILIBRIUM QUANTITY of scarves?   A. Equilibrium QUANTITY will DECREASE as a result of this scenario.   B. Equilibrium QUANTITY will INCREASE as a result of this scenario.   C. Equilibrium QUANTITY will REMAIN THE SAME as a result of this scenario.

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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What happens when the wearing of scarves becomes MORE POPULAR (MORE FASHIONABLE) among consumers?

What is the effect of this scenario on the EQUILIBRIUM PRICE of scarves?

  A.
Equilibrium price will DECREASE as a result of this scenario.
  B.
Equilibrium price will INCREASE as a result of this scenario.
  C.
Equilibrium price will REMAIN THE SAME as a result of this scenario.

 

What is the effect of this scenario on the EQUILIBRIUM QUANTITY of scarves?

  A.
Equilibrium QUANTITY will DECREASE as a result of this scenario.
  B.
Equilibrium QUANTITY will INCREASE as a result of this scenario.
  C.
Equilibrium QUANTITY will REMAIN THE SAME as a result of this scenario.
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