quantity supplied.

b. With the enactment of this price floor for fish, what are some of the likely unintended consequences

in the market?

c. Suggest some policies other than the price floor to make it possible for small fishing villages to

continue.

33. What happens to the price and the quantity bought and sold in the cocoa market if countries producing

cocoa experience a drought and a new study is released demonstrating the health benefits of cocoa?

Illustrate your answer with a demand and supply graph.

Access for free at openstax.org
Elasticity

5

FIGURE 5.1 On-Demand Media Pricing Many on-demand Internet streaming media providers, such as Netflix,

have introduced tiered pricing for levels of access to services, begging the question, how will these prices affect

buyer’s purchasing choices? (Credit: modification of “160906_FF_CreditCardAgreements” by kdiwavvou/Flickr,

Public Domain)

CHAPTER OBJECTIVES

In this chapter, you will learn about:
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