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Suppose that the equilibrium price of haircuts in Chicago decreases and the equilibrium quantity of haircuts increases. Which of the following events is most likely
Suppose that the equilibrium price of haircuts in Chicago decreases and the equilibrium quantity of haircuts increases. Which of the following events is most likely to have occurred? i. A new regulation that mandates that everyone in Chicago get a haircut every three months ii. An increase in the wages paid to babysitters in Chicago (most hairstylists can also work as babysitters) iii. A new trend that makes unusual haircuts cool iv. An increase in the number of hairstylists in Chicago
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