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Suppose the market for gum experiences the following event: The cost of producing gum increases due to tariffs on imports used to produce it. What
Suppose the market for gum experiences the following event: The cost of producing gum increases due to tariffs on imports used to produce it. What will be the effect on the equilibrium? multiple choice Equilibrium price and quantity decrease. Equilibrium price and quantity increase. Equilibrium price decreases and equilibrium quantity increases. Equilibrium price increases and equilibrium quantity decreases
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