-The Above Table Shows the Demand Schedule and Supply Schedule

question 396

Multiple Choice

$$\begin{array} { | l | l | l | } \hline \begin{array} { l } \text { Price } \\\text { (dollars per } \\\text { pound) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { supplied } \\\text { (pounds) }\end{array} & \begin{array} { l } \text { Quantity } \\\text { demanded } \\\text { (pounds) }\end{array} \\\hline 3 & 1 & 7 \\\hline 4 & 2 & 5 \\\hline 5 & 4 & 4 \\\hline 6 & 5 & 2 \\\hline 7 & 6 & 1 \\\hline\end{array}$$
-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, $6.00 per pound
• B) 4 pounds, $5.00 per pound
• C) 5 pounds, $5.00 per pound
• D) 5 pounds, $4.00 per pound

---

Definitions:

Fallacy

A fault in logical judgment that causes an argument to be invalid or not based on sound reasoning.

Denying Antecedent

A logical fallacy involving the incorrect assumption that the falsehood of a premise invalidates the conclusion, particularly in conditional reasoning.

Hypothetical Syllogism

A logical argument involving two conditional statements and a conclusion that logically follows from them.

Formalize

The act of expressing an idea, argument, or process in a precise, often mathematical or logical, form.