Question

1.Natural Gas: Fracking technology is improved allowing easier access to natural gas reserves. A. "Change D,...

1.Natural Gas: Fracking technology is improved allowing easier access to natural gas reserves.

A. "Change D, Increase P, Increase Q"

B. "Change D, Decrease P, Decrease Q"

C. "Change Quantity Demanded, Increase P, Decrease Q"

D. "Change Quantity Demanded, Decrease P, Increase Q"

2.Rice: Reports surface about traces of arsenic (a poison) in rice.

A."Change D, Increase P, Increase Q"
B.

"Change D, Decrease P, Decrease Q"
C.

"Change Quantity Demanded, Increase P, Decrease Q"
D.

"Change Quantity Demanded, Decrease P, Increase Q"
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Answer #1

Answer : 1) The answer is option D.

Due to improved technology the supply of natural gas increase which decrease the price level. With lower price level the quantity demanded increase. Due to increase in supply of natural gas the supply curve shift to rightward. As a result, P decrease and Q increase. Therefore, option D is correct.

2) The answer is option B.

Due to poison in rice the demand for rice decrease which shift the demand curve to leftward. As a result, price (P) and quantity (Q) both of them decrease. Therefore, option B is correct.

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