Use the Following to Answer Question

question 25

Multiple Choice

Use the following to answer question:
-(Figure: Demand and Supply of Gasoline) Use Figure: Demand and Supply of Gasoline.When the supply curve shifted from the initial equilibrium,the new intersection of supply and demand has a price of _____ and quantity of 400.This supply shift could have resulted from _____.

• A)$1.50;an increase in consumers' income
• B)$1.50;an improvement in refining technology
• C)$2.00;an increase in the number of buyers
• D)$2.00;an increase in consumers' income

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Definitions:

Indirect Costs

Costs that cannot be directly linked to the production or sale of specific goods or services, like utilities or administrative salaries.

Advertising

The activity or profession of producing advertisements for commercial products or services.

Product Cost

The total cost involved in making or acquiring a product, including direct materials, labor, and overhead expenses.

Shipping Parts

The components or pieces of a product that are transported from the manufacturer to the customer or other destinations.