
-In Figure 3-11,suppose that initially the market is in equilibrium as defined by the demand and supply curves D₁ and S₁.Which price/quantity combination could result from an increase in consumers' incomes coupled with an improvement in technology?
A) $100 and 75,000
B) $100 and 100,000
C) $100 and 50,000
D) $120 and 75,000
E) $120 and 100,000
Correct Answer:
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Q151: Q152: A decrease in supply results in a(n) Q153: A decrease in equilibrium price and an Q154: A decrease in both equilibrium price and Q155: If there is an increase in the Q157: Oil and Natural Gas can each be Q158: A decrease in demand,with supply constant,results in Q159: An increase in supply results in a(n) Q160: Economists view shifts of supply and demand Q161: An increase in demand coupled with an![]()
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