Sabrina decided to start selling lemonade on her street. the other kids in the neighborhood noticed that sabrina was making a lot of money selling lemonade. these kids decided to open their own lemonade stand. when they opened their own lemonade stand, the equilibrium price and the equilibrium quantity

a. decreased; decreased
b. decreased; increased
c. increased; increased
d. stayed the same; stayed the same
e. increased; decreased

The correct answer is (b)

Explanation:

The kids opened their own lemonade stand which led to an increase in the overall supply of lemonade. The increase in the overall supply of lemonade will lead to a decrease in the equilibrium price. Now, Sabrina must decrease the price of lemonade to compete with competitors. Increase in market competition always leads to a decrease in equilibrium price.

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answer; according to the ( irs );