6. Consider the market for milk. Suppose that dairy workers form a union and receive a $3...

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6. Consider the market for milk. Suppose that dairy workers form a union and receive a $3 per hour wage increase. What will happen now?

&a. The demand for milk will increase, causing the equilibrium price and quantity to increase.

&b.The demand for milk will decrease, causing the equilibrium price and quantity to decrease

&c. The supply of milk will decrease, causing the equilibrium price to increase and the equilib rium quantity to decrease.

&d.The supply of milk will increase, causing the equilibrium price to decrease and the equilib rium quantity to increase.

&e. The demand for milk will increase and the supply of milk will decrease, causing the equi librium price to increase and the equilibrium quantity to increase.

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Fundamentals Of Economics

ISBN: 9781133956105,9781285531847

6th Edition

Authors: William Boyes, Michael Melvin

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