Complete the following logical statement: "Because of, individuals and societies must make choices, and they must therefore consider the opportunity cost of every action."

Under a fractional reserve banking system,

A) banks keep a fraction of their reserves on hand as deposits. B) banks keep all of their reserves on hand as deposits. C) banks keep a fraction of their deposits on hand as reserves. D) banks keep all of their deposits on hand as reserves.

The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs. Which of the following events would lead to a new equilibrium price of 40 cents and 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 e. an improvement in chewing gum production technology