Use the Following to Answer Questions

question 59

Multiple Choice

Use the following to answer questions:
Figure: Demand, Supply Shifts
-(Figure: Demand, Supply Shifts) In the figure, the initial demand curve is D₁ and the initial supply curve is S₁. Resource prices in this market increase; at the same time, the consumer population declines as migration causes an outflow of population to other regions. What happens to the supply curve and/or demand curve?

• A) S₁ shifts to S₂ but then shifts back to S₁. D₁ remains at D₁.
• B) S₁ shifts to S₃ and D₁ shifts to D₂.
• C) S₁ shifts to S₂ and D₁ shifts to D₃.
• D) S₁ shifts to S₂ and D₁ shifts to D₂.

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Definitions:

Peer Review

An evaluation process involving the assessment of work, such as academic articles or research proposals, by others who are experts in the same field to ensure quality and validity.

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The skills and competences that an individual has acquired through practice, learning, or direct innate capability.

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A cognitive bias that causes an individual to view themselves, their situation, or the future more favorably than reality may justify.

Unfounded Attitude

An opinion or perspective that is not based on evidence or experience.