The following graph shows the market for croissants in Philadelphia, where there are over 1,000 bakeries at any given moment. Suppose croissant sellers expect that tomorrow the price of croissant will be significantly higher than today's price. Show the effect of this change on the market for croissants by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per croissant) QUANTITY (Croissants) Supply Demand Demand Supply (?)

The following graph shows the market for croissants in Philadelphia, where there are over 1,000 bakeries at any given moment. Suppose croissant sellers expect that tomorrow the price of croissant will be significantly higher than today's price. Show the effect of this change on the market for croissants by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per croissant) QUANTITY (Croissants) Supply Demand Demand Supply (?)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 17P

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