3. Supply and Demand
Supply and Demand Together: One-sided Shifts
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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