Use the Table Below to Answer the Following Questions

question 83

Multiple Choice

Use the table below to answer the following questions.
Table 3.5.3
-Refer to Table 3.5.3.In a television interview, Joe Cool shows off his designer sport t- shirt, setting off a new craze that doubles business at the sportswear establishments.This would be represented as a

• A)leftward shift of the demand curve.
• B)leftward shift of the supply curve.
• C)rightward shift of the demand curve.
• D)rightward shift of the supply curve.
• E)movement up along the demand curve.

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Definitions:

Barriers to Entry

Barriers that make it difficult for new entrants to join a market due to financial, legal, or procedural hurdles.

Economic Profit

The distinction in totality between incomes and costs, inclusive of both transparent and concealed expenses.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full industry adjustment.

Economies of Scale

Economies of Scale refer to the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale.