-(Exhibit: Markets and Efficiency) in Panel (B) Demand Shifted from D₁

question 116

Multiple Choice

-(Exhibit: Markets and Efficiency) In Panel (b) demand shifted from D₁ to D₂, reflecting a change in consumer preferences. As the price changes to the new equilibrium price, some producers will:

• A) find that their marginal benefit of producing apples is below their marginal cost.
• B) cut back on apple production.
• C) respond to the signal sent by consumers and start to produce other goods that are more valuable than apples.
• D) do all of the above.

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