Asked by Cassie Owens on May 10, 2024
Verified
(Figure: Shifts in Demand and Supply III) Use Figure: Shifts in Demand and Supply III.The figure shows how supply and demand might shift in response to specific events.Suppose scientists discover that eating asparagus slows the aging process.Which panel BEST describes how this will affect the market for asparagus?
A) Panel A
B) Panel B
C) Panel C
D) Panel D
Asparagus
A spring vegetable known for its slender spears, considered a delicacy in many cuisines around the world.
Aging Process
The natural progression of physical, psychological, and social changes in humans as they grow older.
- Scrutinize the role of outside influences on the market's price and quantity balance.
- Understand the influence of altering consumer choices on market demand.
Verified Answer
MR
Michele RamiirrezMay 11, 2024
Final Answer :
A
Explanation :
Panel A best describes the effect on the market for asparagus because the discovery that eating asparagus slows the aging process would increase consumer demand for asparagus, shifting the demand curve to the right.
Learning Objectives
- Scrutinize the role of outside influences on the market's price and quantity balance.
- Understand the influence of altering consumer choices on market demand.
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