Recall the Example in the Text of the Increasing-Cost Sugar

question 28

Multiple Choice

Recall the example in the text of the increasing-cost sugar industry.At a price of 11 cents,the world supply of sugar equals the amount produced in the areas with low production costs.If the price of sugar increases,what will happen in the sugar market?

• A) Sugar production becomes profitable in areas with higher production costs.
• B) The quantity demanded increases.
• C) The quantity supplied increases.
• D) Both A and C are correct.

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