“Last October, due to an early frost, the average price for a pumpkin increased by 10 percent compared to the average pumpkin price in previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million.” Based on this statement, the ……..
Select ONE answer:
- demand curve for pumpkins shifted rightward.
- demand for pumpkins is elastic.
- demand for pumpkins is unit elastic.
- demand for pumpkins is inelastic.
What is the implication for firms of changes in economic growth?
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This is multiple choice question is suitable for Economics KS5 classes.
The answer is 2
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