FIGURE 23-2 Refer to Figure 23-2

question 28

Multiple Choice

FIGURE 23-2 Refer to Figure 23-2.Which of the following events could cause the upward shift of the AS curve?

• A)a decrease in the price of raw materials
• B)a decrease in the world supply of oil as a result of a major hurricane
• C)improved quality of the national education system
• D)rapid technological advances in mass production
• E)an increase in consumption

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Definitions:

Market Demand Curve

A graphical representation showing the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.

Demand Curves

Graphs showing the relationship between the price of a good and the quantity of that good that buyers are willing to purchase at various prices.

Goods

Tangible items that are produced for sale or use, often categorized as consumer or industrial goods.

Quantity Demanded

The total amount of a goods or services that consumers are willing and able to purchase at a given price level at a specific time.