Use the Following to Answer Questions

question 166

Multiple Choice

Use the following to answer questions .
Exhibit: Simultaneous Shifts in Demand and Supply
-(Exhibit: Simultaneous Shifts in Demand and Supply) D₁ and S₁ are original supply and demand curves, and S₂ and D₂ are new curves. In this market, the change in supply may have resulted from:

• A) wage increases for the workers.
• B) an improvement in technology.
• C) a decrease in the number of sellers.
• D) all of the above.

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Definitions:

Psychic Costs

The mental and emotional energy expended by an individual in the process of decision-making or as a result of stressful economic conditions.

Real GDP

The measure of the value of economic output adjusted for price changes (inflation or deflation), reflecting the real quantity of goods and services produced.

GDP Deflator

An economic metric that converts output measured at current prices into constant-dollar GDP, reflecting the effects of inflation.

Real GDP

The value of all finished goods and services produced within a country's borders in a specific time period, adjusted for inflation.