-Refer to the Figure Above

question 198

Multiple Choice

-Refer to the figure above. Which of the following could have caused the shift in the supply curve?

• A)an increase in the price of a substitute good in production
• B)a good state of nature for the production of Good R
• C)a decrease in the price of Good R
• D)a decrease in the cost of producing Good R

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Definitions:

Used Cars

Pre-owned vehicles that have had one or more retail owners, sold through various outlets including dealerships and private sales.

Input Production

The process of using resources (inputs) to create goods or services.

Substitutes Consumption

Refers to the consumption of goods that can replace each other in use, affecting the demand for these goods.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.