The figure given below represents the demand and supply conditions of an economy. Figure 7.3 -Refer to Figure 7.3. Which of the following explains the shift in supply curve from S₁ to S₂? A) decreases in oil supplies as experienced in the 1970s. B) wage concessions by union members. C) businesses reducing their profit margins. D) discoveries of natural gas. E) increased foreign demand for domestic products.

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The Answer of The figure given below represents the demand and supply conditions of an economy. Figure 7.3 -Refer to Figure 7.3. Which of the following explains the shift in supply curve from S₁ to S₂? A) decreases in oil supplies as experienced in the 1970s. B) wage concessions by union members. C) businesses reducing their profit margins. D) discoveries of natural gas. E) increased foreign demand for domestic products.

The Figure Given Below Represents the Demand and Supply Conditions