Refer to the Information Provided in Figure 12

question 51

Multiple Choice

Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. Figure 12.4
There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S^{0 and D0.}
-Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, the equilibrium price of X will ________ and the equilibrium price of Y will ________.

• A) increase; increase
• B) increase; decrease
• C) decrease; increase
• D) decrease; decrease

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Definitions:

Culture-Fair Test

A psychological test designed to be free from cultural biases, assessing intelligence or ability without favoring any particular cultural group.

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