Indicate whether each of the following statements describes an increase in demand, decrease in demand, change in quantity demanded, increase in supply, decrease in supply, or change in quantity supplied in the given market.
a. Store-brand soup prices are cut, reducing sales of Campbell’s soup. Market: Campbell’s soup.
b. Coffee bean prices hit an 18-month low following a bountiful harvest. Market: coffee beans.
c. A summer heat wave leads to higher prices for bottled water. Market: bottled water.
d. Holiday clothing discounts boost clothing sales. Market: clothing.
e. Apple introduces a tinier and more powerful iPod model. Market: older iPod models.