Refer to the Graph Below, Showing the Market Supply and Demand

question 1

Multiple Choice

Refer to the graph below, showing the market supply and demand for a product.Assume that the market is initially in equilibrium where D₁ and S₁ intersect.If consumer incomes decreased and production costs increased, then new equilibrium would be at:

• A)P₁ and Q₃.
• B)P₂ and Q₂.
• C)P₃ and Q₁.
• D)P₄ and Q₂.

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Definitions:

Elimination

The process of removing waste products and toxins from the body, achieved through mechanisms such as excretion and defecation.

Ingestion

The act of consuming food, beverages, or any other material by ingestions or absorption into the organism.

Absorption

Absorption is the process by which substances are taken into the body's interior, as in the uptake of nutrients by the digestive tract.

Absorption

The process by which substances are taken up into a more assimilable form, such as nutrients from food into the bloodstream.