-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:

Stored

Kept or accumulated for future use, referring to anything that can be retained or conserved for a period of time.

Compete

To strive for a goal, such as a prize or higher status, against others by overcoming challenges and obstacles.

Topsoil

The uppermost layer of soil, which has the highest concentration of organic matter and microorganisms, and is where most plant roots grow.