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In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved up and to the right. What could have caused this?
In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved up and to the right. What could have caused this?
a. | a fall in the price of peanuts | |
b. | a rise in the price of peanuts | |
c. | a rise in income, assuming that peanut butter is an inferior good | |
d. | a shift in preferences toward peanut butter | |
e. | none of the above |
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