Multiple Choice
Buyers scrambled to secure stocks of Australian wool following a forecast of an 11 percent decline in wool production.What happens in the Australian wool market as a result of this announcement?
A) The demand curve for Australian wool shifts to the left in anticipation of higher prices in the future.
B) The demand curve for Australian wool shifts to the right in anticipation of higher prices in the future.
C) The quantity of Australian wool demanded increases in anticipation of higher prices in the future.
D) The quantity of Australian wool demanded decreases in anticipation of lower quantities in the future.
Correct Answer:
Verified
Correct Answer:
Verified
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