Suppose last month  the equilibrium price of gum is $1 and the equilibrium quantity of gum is .75. This month the equilibrium price of gum is .75 and the equlibrium quantity is 300.  What might have happened in this market to cause this result?   Question 8 options:   a)  demand increased   b)  supply increased   c)  technology increased by more than the increase in the population    d)  quantity supplied decreased

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.