Equilibrium Price Changes Quiz

Due to trends, people are more likely to buy pancakes than waffles. What happens to the equilibrium price of waffles?

• It decreases.

• It increases.

The government provides subsidies to rice farmers, making rice production cheaper. What happens to the equilibrium price of rice?

• It decreases.

• It increases.

A major drought reduces the availability of coffee beans. What happens to the equilibrium price of coffee?

• It decreases.

• It increases.

As incomes rise, more people can afford high-end smartphones. What happens to the equilibrium price of high-end smartphones?

• It decreases.

• It increases.

A breakthrough in manufacturing technology allows car companies to produce vehicles at a lower cost. What happens to the equilibrium price of cars?

• It decreases.

• It increases.

A famous celebrity endorses a new brand of sneakers, making them highly desirable. What happens to the equilibrium price of these sneakers?

• It decreases.

• It increases.

A new study warns about the health risks of a popular energy drink, leading to a drop in sales. What happens to its equilibrium price?

• It decreases.

• It increases.

The price of beef rises significantly, leading more consumers to purchase chicken instead. What happens to the equilibrium price of chicken?

• It decreases.

• It increases.

A new mining regulation limits the production of lithium, a key material for batteries. What happens to the equilibrium price of lithium batteries?

• It decreases.

• It increases.

A company expects the price of their gaming consoles to rise next month, so they reduce the number of consoles they sell now. What happens to the equilibrium price of gaming consoles today?

• It decreases.

• It increases.