-The Above Table Shows the Demand Schedule and Supply Schedule

question 74

Multiple Choice

-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

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Definitions:

Generosity

The quality of being willing to give money, help, kindness, etc., more than is usual or expected.

Principle Of Need

A social and ethical principle suggesting that resources and assistance should be distributed based on individual needs.

Nonmaleficence

The ethical principle of doing no harm and preventing harm to others.

Beneficence

The ethical principle that emphasizes acting in the best interests of others, promoting good actions and minimizing harm.