-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

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Definitions:

Moisture Level

The amount of water present in a substance, often expressed as a percentage of the substance's total weight.

Significance Level

A threshold used in hypothesis testing that determines the probability of rejecting a true null hypothesis.

Cottage Cheese

A soft, white cheese made from curds of slightly soured milk, often eaten as a healthy snack or side dish.

Ice Cream

A frozen dessert made from dairy products, flavorings, and sweeteners, often enjoyed as a treat or snack.