The October 26, 2022, Wall Street Journal reports that Halloween candy prices were 13% higher this year than last year. Which of the following is therefore true? Subjectively, it could be argued that the rising price of candy was unfair for poorer families.The price of candy was efficient if quantity demanded equaled quantity supplied but not necessarily fair at any price.The invisible hand was responsible for pushing prices up.As prices increased, demand did not change, but quantity demanded fell some.All of the above.

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Answered: The October 26, 2022, Wall Street…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The October 26, 2022, Wall Street Journal reports that Halloween candy prices were 13% higher this year than last year. Which of the following is therefore true?

Subjectively, it could be argued that the rising price of candy was unfair for poorer families.
The price of candy was efficient if quantity demanded equaled quantity supplied but not necessarily fair at any price.
The invisible hand was responsible for pushing prices up.
As prices increased, demand did not change, but quantity demanded fell some.
All of the above.

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