Refer to the Graph Below

question 172

Multiple Choice

Refer to the graph below.The graph shows the market for a good. Identify a correct statement about the market.

• A)The market equilibrium has shifted from point M to point K.
• B)An increase in the supply of the good is more than the increase in the demand for the good.
• C)The new market equilibrium price and quantity are both greater than the original market equilibrium price and quantity.
• D)Point M is the new market equilibrium.

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Definitions:

Union

Referring to the Northern states during the American Civil War which were against the seceding Southern states forming the Confederacy.

Economies

The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

North

In the context of United States history, refers to the region opposed to the slavery-based economy of the South, particularly during the Civil War era.

South

Refers generally to the southeastern region of the United States, historically known for its distinct economic, cultural, and historical traits, particularly those stemming from the antebellum period and the Civil War.