Refer to the Above Diagram, in Which S₁ and D₁

question 168

Multiple Choice

Refer to the above diagram, in which S₁ and D₁ represent the original supply and demand curves and S₂ and D₂ the new curves.In this market:

• A)supply has decreased and equilibrium price has increased.
• B)demand and Supply have increased and equilibrium price has decreased.
• C)demand has decreased and equilibrium price has decreased.
• D)demand has increased and equilibrium price has increased.

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Definitions:

Cooperative Societies

Organizations owned and run jointly by its members, who share the benefits or profits equally or according to their contribution.

Stereotypes

Oversimplified generalizations about groups of people that may or may not reflect reality.

Morning Person

An individual who feels more awake, alert, and productive during the morning hours compared to other times of the day.

Scapegoat Theory

The idea that blaming problems and misfortunes on outgroups contributes to negative attitudes toward these outgroups.