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Refer to the Information Provided in Figure 12

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Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. 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<sup>0 and </sup><sup>D</sup><sup>0.</sup> -Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, a new general equilibrium will eventually be reached in sector Y with a price of ________ and a quantity of ________. A)  P<sup>1</sup>; Q<sup>1</sup> B)  P<sup>0</sup>; Q<sup>0</sup> C)  P<sup>1</sup>; Q<sup>0</sup> D)  P<sup>0</sup>; < Q<sup>1</sup> 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 S0 and D0.
-Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, a new general equilibrium will eventually be reached in sector Y with a price of ________ and a quantity of ________.

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Definitions:

Insects

A group of arthropods distinguished by having a body divided into three sections (head, thorax, abdomen), three sets of legs, complex eyes, and a single pair of antennae.

Invertebrates

Animals without a backbone, comprising a diverse group including insects, mollusks, and arachnids.

Vertebrates

Animals that have a backbone or spinal column, including fishes, amphibians, reptiles, birds, and mammals.

Filter

A device or process that removes impurities or separates particles from a liquid or gas.

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