Recall the Application About the Decrease in the Price of Wool

Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s) . In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.
-According to the Application,which of the following is the result of the falling prices of wool worldwide?

A) lower demand for wool
B) higher demand for synthetic fibers
C) higher demand for wool
D) lower quantity of wool supplied

Correct Answer:

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