Use the Following to Answer Question(s): Shifts in Demand and Supply

question 81

Multiple Choice

Use the following to answer question(s) : Shifts in Demand and Supply

-(Exhibit: Shifts in Demand and Supply) Assume that the market in Panel (a) is in equilibrium at point M.Compared to the initial equilibrium at point N, what changes could explain what happened in this market?

• A) supply decreased
• B) demand decreased
• C) both demand and supply decreased
• D) both demand and supply increased

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Definitions:

RLLP

A Registered Limited Liability Partnership, a form of partnership in which some or all partners have limited liabilities, protecting them from certain types of legal action brought against the partnership.

Justinian Code

A collection of laws and legal interpretations developed under the sponsorship of the Byzantine emperor Justinian I.

Ancient Babylonia

An ancient civilization located in the region of Mesopotamia, known for its contributions to law, astronomy, and literature, among other fields.

English Common Law

A body of law developed in England that forms the basis for the legal system in English-speaking countries.