Okra was $13. 00 per bushel in 2015, and 1. 5 million bushels were sold. Okra was $14. 00 per bushel in 2016, and 2. 0 million bushels were sold. "if in both cases the okra market was in equilibrium, this must be an example of an exception to the law of demand. True or false?.

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Cuty1977 Cuty1977

19-09-2022
Business

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Okra was $13. 00 per bushel in 2015, and 1. 5 million bushels were sold. Okra was $14. 00 per bushel in 2016, and 2. 0 million bushels were sold. "if in both cases the okra market was in equilibrium, this must be an example of an exception to the law of demand. True or false?.

Answer :

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qwrblue qwrblue · Answer 1 · 2022-09-22T12:12:37-04:00

The above statement is false.

Along the demand (DD) curve, the quantity desired (QD) drops as the price rises. The demand curve moves to the right when non-price factors like income and climate improve.

The given situation involves an increase in the equilibrium price (P) and quantity (Q) of okra from 2015 to 2016. The rightward shift of the demand (DD) curve for okra will raise the equilibrium price (P) and quantity (Q) of okra if all other factors including supply (SS) remain constant. The law of demand (DD) won't be violated.

As a result, the new equilibrium will have a higher market price (P) and quantity (Q) than the initial equilibrium.

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