Respuesta :
Diamond is a priceless gem stone that is used to create jewelry and other goods of a similar nature.
It is also used to make diamond rings, although there aren't very many of them on the market because they're so pricey and in high demand. As a result, diamond producers restrict their market supply.
Other choices are erroneous since diamonds are neither more or less frequent than other jewels on the market, their demand is not extremely high, and they are not subject to monopolistic competition.
We are aware that diamonds are used to make diamond rings. As a result, the cost to produce diamond rings increases as the price of diamonds increases. As a result, there are less diamond rings available.
Right-shifting supply curves for diamond rings will result in surplus at the going rate. jewelry As a result, the price will go down, which will raise demand and drive down supply. A lower price and more product will be available at the new market equilibrium.
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