willab4433 willab4433

16-03-2020
Business

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The price of apples used to make apple pies has increased. At the same time, people expect the price of apple pies to increase significantly in the future. Given these two effects, what will happen to the current equilibrium quantity and price of apple pies?

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mukhtarabdulhamid mukhtarabdulhamid

19-03-2020

Answer:

Equilibrium price will increase and equilibrium quantity will decrease

Explanation:

As the price of a commodity gets higher the demand will reduce. therefore they will be an abundance of the commodity since it is too hig for the consumers to buy.

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