The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs.Which event would lead to a new equilibrium price of 40 cents and a new equilibrium quantity of 80,000 packs?
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) a decrease in the number of young people in the population
D) an agreement by workers in the chewing gum industry to work for lower wages
Correct Answer:
Verified
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