Use the Figure Below to Answer the Following Question(s)

question 138

Multiple Choice

Use the figure below to answer the following question(s) .
Figure 3-8
-In Figure 3-8, if the initial demand and supply for soybeans were D₁ and S₁, how would a decrease in the cost of producing soybeans affect the market for soybeans?

• A) Demand would increase to D₂, price would increase to P₂, and the quantity would increase to S.
• B) Supply would increase to S₂, price would decrease to P₀, and the quantity would increase to S.
• C) Both demand and supply would increase so the price would remain at P₁, but the quantity would increase to T.
• D) None of the above would occur.

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Definitions:

Rigid and Reactive

Describes a tendency or approach in organizations to be inflexible and to respond rather than anticipate change.

People

The human resources of an organization.

Change

The transformation or modification of an organization and/or its stakeholders.

Diagnostic Activities

Tasks or processes undertaken to identify problems, analyze causes, and determine solutions in various contexts.