186.In the market for chewing gum, the current price is 50 cents per pack and 100,000 packs are sold. Which of the following events would lead to a new equilibrium price of 60 cents and quantity of 90,000 packs? a.an increase in the price of other kinds of candyb.an increase in the price of the ingredients used to make chewing gumc.a decrease in the number of young people in the populationd.an agreement by workers in the chewing gum industry to work for lower wagese.an increase in incomeANS:BPTS:1DIF:Difficulty: ChallengingNAT:BUSPROG: Reflective ThinkingSTA:DISC: Markets, market failure, and externalitiesTOP:Shifts of the Supply CurveKEY:Bloom's: Application 187.Along a given demand curve, a decrease in supply will typically 188.If supply decreases along a given demand curve,
189.If the market for beef cattle was initially in equilibrium, an increase in the price of the feed grains usedto fatten cattle would cause 190.If supply increases and demand decreases, then equilibrium price will fall. a.Trueb.FalseANS:APTS:1DIF:Difficulty: ChallengingNAT:BUSPROG: AnalyticSTA:DISC: Markets, market failure, and externalitiesTOP:Simultaneous Shifts of Demand and Supply CurvesKEY:Bloom's: Comprehension
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