Which option identifies the concept represented in the following scenario?
Last year's early spring, followed by a late snowstorm, destroyed much of the cherry crop in northern Michigan. As a result, the price of
dried cherries increased substantially.
O market disequilibrium
O market equilibrium
O market control
O market surplus

Question

30-04-2024
Business

Answered

Which option identifies the concept represented in the following scenario?
Last year's early spring, followed by a late snowstorm, destroyed much of the cherry crop in northern Michigan. As a result, the price of
dried cherries increased substantially.
O market disequilibrium
O market equilibrium
O market control
O market surplus

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-04-30T21:46:44-04:00

The concept represented in the scenario is: Market disequilibrium. Explanation: 1. Market Disequilibrium: - Market disequilibrium occurs when the supply and demand in a market are not in balance, leading to disruptions in the market. - In this scenario, the unexpected weather conditions (early spring followed by a late snowstorm) caused a decrease in the cherry crop, disrupting the usual supply. - Due to the decreased supply of cherries, the demand remained constant or increased, leading to a shortage of cherries in the market. - As a result, the price of dried cherries increased substantially due to the scarcity caused by the disequilibrium in the market. Therefore, the correct option that identifies the concept in the scenario is "Market Disequilibrium."