Macroeconomics 11th Edition by Michael Parkin

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The demand and supply schedules for gum are
a. Draw a graph of the market for gum and mark in the equilibrium price and quantity.
b. Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts.
c. Suppose that the price of gum is 30¢ a pack. Describe the situation in the gum market and explain how the price adjusts.