Consider the market for croissants. Rampant mad cow disease has meant entire d...
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Consider the market for croissants.
Rampant mad cow disease has meant entire dairy cow herds have been culled, causing significant disruptions to the supply of butter. At the same time, unusually high rainfall has caused an abundant blueberry harvest, allowing bakers to put their blueberry muffins on sale.
These events will likely cause a/an
in the demand curve and a/an
in the supply curve for croissants.
Relative to the original equilibrium, the new equilibrium price will be
and the new equilibrium quantity will be
.
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