Refer to the Information Provided in Figure 12

question 130

Multiple Choice

Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. Figure 12.4
There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S^{0 and D0.}
-Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, the equilibrium quantity of X will ________ and the equilibrium quantity of Y will ________.

• A) increase; increase
• B) increase; decrease
• C) decrease; increase
• D) decrease; decrease

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Definitions:

United States

A federal republic consisting of 50 states and a federal district, known for its significant influence on world politics, economy, and culture, located primarily in North America.

Brother-Sister Marriages

Marital or sexual relationships between siblings, observed in certain historical periods or cultures, often with royal or divine justifications.

Farming Classes

Social or economic groups within a community or society that primarily engage in agricultural production and activities.

Ancient Egypt

An early civilization that arose along the Nile River, noted for its innovations in writing, agriculture, urbanization, and its iconic monuments like the Pyramids and Sphinx.