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opa.edu/courses/1049629/quizzes/1767252/take e Commu. YouTube MindTapMathas CCheg9 Question 19 5 pts in the cereal market, if the equilibrium price rises and quantity falls, which most likely happened? O supply shifted right supply shifted left demand shifted left O demand shifted right Question 20 5 pts If the consumer desire for cheesecake increases and the cost of ingredients to make cheesecakes also increases, in the cheesecake market which is most likely to happen? quantity of cheesecakes made and sold is indeterminate and price is higher quantity of cheesecakes made and sold increases and price change is indeterminate O quantity of cheesecakes make and sold increases and the price definatly rises quantity of cheesecakes made and sold is indeterminate and price is lower

Solution

Answer 19 : Option B is correct. If in the cereal market , Equilibrium price rises and quantity falls because supply curve shift leftward it means less quantity is supplied at each price level.The demand curve remain at same position. The reason might be increase in cost of an input.

Answer 20 : Option A is correct. If the consumer desire for cheesecake increases than demand curve shift rightward resulted price is higher and quantity demanded is increases where as ingredients of cheesecake increases resulted in leftward shift of supply curve which shows price is rises and quantity supplied falls. So the ultimate result is that price rises but quantity demanded and sold is not determined.