If there was a baby boom of Oompa Loompas ready to work for free, what will happen to the Willy Wonka chocolate market? In particular: Has this affected supply or demand of Willy Wonka Chocolate? What has happened to the price of Willy Wonka chocolate? Please describe the graph of your answer by change in either supply or demand, as well as the change in price

1 answer

Assuming the question means that production cost is much reduced, and that demand does not change, then the supply curve moves to the right, resulting in a lower equilibrium price.
See, for example, graph 1 of
http://www.econport.org/content/handbook/Equilibrium/shifts-graph.html
Similar Questions
  1. Boom, Boom- the music goesBoom, Boom- Feel the beat from head to toes Boom, Boom- my heart is thumping Boom, Boom- It's quite
    1. answers icon 2 answers
    1. answers icon 1 answer
  2. 1 of 101 of 10 ItemsQuestion Which demographic challenge is Europe currently experiencing? (1 point) Responses an aging and
    1. answers icon 1 answer
  3. QuestionWhich demographic challenge is Europe currently experiencing? (1 point) Responses an aging and decreasing population an
    1. answers icon 1 answer
more similar questions