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(Figure: Graph) Use the Graph to Answer the Following Questions

Question 120

Essay

(Figure: Graph) Use the graph to answer the following questions.
Here are five different options based on the graph above. These five options show movements from one point to another on the graph.
(i) point G to point H
(ii) point K to point L
(iii) point H to point K
(iv) point K to point H
(v) point G to point M
Now answer the following three questions:
(A) Which of the five options could be caused by a decrease in the price of a substitute-in-production?
(B) Which of the five options could be caused by a technological advancement in production?
(C) Which of the five options could be caused by a decrease in the market supply of the item?
(Figure: Graph) Use the graph to answer the following questions. Here are five different options based on the graph above. These five options show movements from one point to another on the graph. (i) point G to point H (ii) point K to point L (iii) point H to point K (iv) point K to point H (v) point G to point M Now answer the following three questions: (A) Which of the five options could be caused by a decrease in the price of a substitute-in-production? (B) Which of the five options could be caused by a technological advancement in production? (C) Which of the five options could be caused by a decrease in the market supply of the item?

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