In recent years, there has been a growing trend towards healthier eating, and this has led to increased demand for brown bread. A 2022 survey by the Hartman Group found that 62% of consumers are trying to eat healthier, and 58% are looking for more whole grains in their diet. The following diagram illustrates the impact of an increase in demand for brown bread. Which of the following statements is INCORRECT? PI R12 R11 R10 0 a) b) c) d) S 900 1 000 1 100 1 200 1 300 Q Before the increase in demand, the equilibrium price is R10 and the equilibrium quantity is 900. Owing to an increase in demand, the demand curve shifts from D to D1. At a price of R10, after the increase in demand, the quantity demanded is 1 200 and the quantity supplied is 1 100. At a price of R10, after the increase in demand, there is an excess demand. A new equilibrium position is formed after the increase in demand at an equilibrium price of R12 and an equilibrium quantity of 1 100.

In recent years, there has been a growing trend towards healthier eating, and this has led to increased demand for brown bread. A 2022 survey by the Hartman Group found that 62% of consumers are trying to eat healthier, and 58% are looking for more whole grains in their diet. The following diagram illustrates the impact of an increase in demand for brown bread. Which of the following statements is INCORRECT? PI R12 R11 R10 0 a) b) c) d) S 900 1 000 1 100 1 200 1 300 Q Before the increase in demand, the equilibrium price is R10 and the equilibrium quantity is 900. Owing to an increase in demand, the demand curve shifts from D to D1. At a price of R10, after the increase in demand, the quantity demanded is 1 200 and the quantity supplied is 1 100. At a price of R10, after the increase in demand, there is an excess demand. A new equilibrium position is formed after the increase in demand at an equilibrium price of R12 and an equilibrium quantity of 1 100.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section1.A: Applying Graphs To Economics

Problem 2SQP

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