The above table shows the demand schedule and supply schedule for chocolate chip cookies. An increase in income results in an increase in the demand for chocolate cookies by an amount of 3 pounds at every price
What are the new equilibrium quantity and equilibrium price? A) 5 pounds, $4.00 per pound
B) 5 pounds, $6.00 per pound
C) 5 pounds, $5.00 per pound
D) 4 pounds, $5.00 per pound
B
Economics
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The poorest regions in the world, as measured by GDP per capita, are:
a. Latin America and the Caribbean. b. the Middle East and North Africa. c. Sub-Saharan Africa and South Asia. d. Australia and New Zealand.
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All else equal, if there are diminishing returns, then what happens to productivity if both capital and labor increase?
a. Productivity will definitely fall. b. Productivity will definitely be unchanged. c. Productivity will definitely rise. d. None of the above are necessarily correct.
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