Question

1a.represent the world market for chocolate bars.the change in price from p to p1 is most likely to have been caused by

Answer 1

Answer:

Shifting the supply curve to the right or left will change the equilibrium price and quantity. Let's return to an earlier example. Say that cacao prices rise, remembering that cacao is an important input to the production of chocolate bars. With a decrease in supply and no change in demand, the market for chocolate bars would look like this:

Notice that when the supply curve shifts to the left (from S1 to S2), the equilibrium price rises from $1.20 to $1.60 and the equilibrium quantity decreases from 300 to 200. So, a decrease in supply will cause the equilibrium price to increase and the equilibrium quantity to decrease.

Explanation:

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