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Dymondmonae Dymondmonae
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4 years ago
Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.


Recall the Application. As the world price of wool decreased, the quantity of wool supplied by individual ranchers would ________, and the quantity supplied in the whole market would ________.

▸ increase; increase

▸ decrease; decrease

▸ decrease; increase

▸ increase; decrease
Textbook 
Microeconomics: Principles, Applications, and Tools

Microeconomics: Principles, Applications, and Tools


Edition: 8th
Authors:
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crdsacrdsa
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4 years ago
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Dymondmonae Author
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4 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
julymontalvo
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Yesterday
Good timing, thanks!
dedricgard
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2 hours ago
Thank you, thank you, thank you!
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