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Question: A region is in the middle of a very cold and snowy winter. As a result, hot chocolate has become more desirable, and many of the shipping channels for imported goods have closed due to the weather. What will happen to the price and quantity sold of hot chocolate made with imported cocoa?

1) Price and quantity will both increase

2) Price will increase and the effect on quantity cannot be determined

3) Price will increase and quantity will decrease

4) Neither the effect on quantity nor the effect on price can be determined

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92598025

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