Multiple Choice
What will happen in the market for cotton as a result of a severe drought?
A) The demand for cotton will decrease, causing the equilibrium price to fall and equilibrium quantity to fall.
B) The demand for cotton will increase, causing the equilibrium price to rise and equilibrium quantity to rise.
C) The supply of cotton will decrease, causing the equilibrium price to fall and equilibrium quantity to fall.
D) The supply of cotton will decrease, causing the equilibrium price to rise and equilibrium quantity to fall.
Correct Answer:
Verified
Correct Answer:
Verified
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