The Initial Supply and Demand Curves for a Good Are

question 246

Multiple Choice

The initial supply and demand curves for a good are illustrated in the above figure. If there are technological advances in the production of the good, then the new equilibrium price for the good

• A) is $6.
• B) is more than $6.
• C) is less than $6.
• D) could be less than, equal to, or more than $6.

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Definitions:

Microbial Biofilms

Complex aggregations of microorganisms growing on a surface, encased in a protective and adhesive matrix they secrete, contributing to their survival in various environments.

Dinoflagellates

A group of single-celled, often photosynthetic organisms, found in marine and freshwater environments, known for their role in algal blooms and red tides.

Obligate Anaerobes

are organisms that can only survive in environments without oxygen because oxygen is toxic to their metabolic processes.

Obligate Aerobes

Organisms that require oxygen for cellular respiration and cannot survive without it.