Final answer:
When the price of strawberries goes up, the quantity demanded usually goes down according to the law of demand. The supply curve, however, is affected by other factors like production costs or number of suppliers. Changes in overall supply can shift the supply curve, altering price and quantity supplied.
Step-by-step explanation:
When the price of strawberries increases, we would expect the quantity demanded of strawberries to decrease. This is an application of the law of demand, which states that there is an inverse relationship between the price of a good and the quantity demanded.
Essentially, as the price goes up, the quantity demanded goes down, all else being equal. This relationship is depicted on a demand curve, which typically slopes downward.
Factors that may cause a shift in the demand curve include changes in consumer preferences, or consumer income levels.
It is important to note that price changes do not affect the supply curve directly. However, factors affecting supply might include natural events that impact production, changes in production costs, technological advancements, or fluctuations in the number of suppliers.
An increase in overall supply would typically lead to a lower equilibrium price and a higher quantity supplied, which is indicated by a rightward shift of the supply curve.
Conversely, a decrease in supply would typically lead to a higher equilibrium price and a lower quantity supplied, as per the supply curve shift to the left.