Multiple Choice
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
Correct Answer:
Verified
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