3. The Market Forces of Supply and Demand
Using the Supply and Demand Curves to Find Equilibrium
Multiple Choice
Multiple ChoiceWhich of the following situations would lead to an increase in the equilibrium price of carrots and a decrease in the equilibrium quantity of carrots sold?
A
An increase in the price of hummus, a complement to carrots
B
An increase in the price of celery, a substitute for carrots
C
An increase in the price of fertilizer, an input for carrots
D
An increase in consumers' incomes, assuming carrots are a normal good
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