Figure: Chicken Legs in the Diagram, the Current Demand

question 181

Multiple Choice

Figure: Chicken Legs In the diagram, the current demand curve for chicken legs is represented by D₁. If the price of chicken thighs, a substitute for chicken legs, decreases, the demand curve for chicken legs will:

• A) shift to D₂.
• B) shift to D₃.
• C) remain at D_1.
• D) shift to D₂ and then back to D₁.

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Definitions:

Probabilities

Measures of how likely it is for an event to occur, represented as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Mutually Exclusive

Refers to events that cannot occur at the same time in probability theory; the occurrence of one event means the other cannot happen.

P(A ∪ B)

The probability that at least one of two events A or B occurs.

Independent Events

Two or more events whose outcomes do not affect each other.