The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100, 000 packs per day.Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125, 000?
A) an increase in the price of other kinds of candy
B) an increase in the price of the ingredients used to make chewing gum
C) an agreement by workers in the chewing gum industry to work for lower wages
D) a decrease in the number of young people in the population
E) a decrease in income
Correct Answer:
Verified
Q162: Exhibit 4-4 Q163: If the tea harvest is bad in Q164: An increase in supply will cause equilibrium Q165: The market for chewing gum is competitive Q166: What is the effect of a decrease Q168: For a given supply curve, an increase Q169: An increase in demand for chocolate chips Q170: A decrease in supply will cause a(n) Q171: Velcro is becoming more and more popular Q172: Which of the following would cause both
A)increase
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