Suppose that the price of gum is 70 a pack describe the, Microeconomics

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Suppose that the price of gum is 70 a pack describe the

Question: The demand and supply schedules for gum are:

a. Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

b. Suppose that the price of gum is 30¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

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Microeconomics: Suppose that the price of gum is 70 a pack describe the

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