
-Which of the following would result in the changes shown in Exhibit C-2 on the previous page (where S and D represent the initial supply and demand for Smids) ?
A) Tastes for smids declined and incomes decreased.
B) The cost of producing smids increased and consumer tastes for smids declined.
C) Consumer incomes increased and production technology for smids improved.
D) The population increased and the input costs for smids increased.
E) Production technology improved and the price of Quids, a substitute good, declined.
Correct Answer:
Verified
Q37: When Smartville's personal computer assembly plant closed,
Q38: Q39: Q40: Hooterville's Chamber of Commerce has been successful Q41: Hooterville has seen its population grow by Q43: The equilibrium quantity of Smids would be Q44: The law of demand says that the Q45: When price falls, quantity demanded increases. This Q46: A demand curve shows Q47: The horizontal summing of individual demand curves![]()
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A) that when price
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