The following table shows the quantity demanded and quantity supplied of grapefruits (in millions of kilos) :
-Refer to the table above to answer this question.If the price of oranges (a substitute) were to decrease,causing the demand for grapefruit to change by 12 million of kilos,what will be the new equilibrium price and quantity?
Definitions:
Social Inequality
The unequal distribution of resources, opportunities, and rights among different social positions or statuses within a society.
IQ Scores
Quantitative measurements used to assess a person's intelligence level relative to the general population, typically determined through standardized testing.
Meritocratic
Pertaining to or supporting the principle of meritocracy, where individuals' social status and mobility are based on their abilities and achievements rather than inherited privilege.
Social Stratification
The hierarchical arrangement of individuals or groups in a society based on wealth, power, prestige, or other criteria.
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