In the Figure Above,if Point "A" Represents the Original Equilibrium

question 284

Multiple Choice

In the figure above,if point "a" represents the original equilibrium and point "b" the new equilibrium,then

• A) there has been an increase in supply.
• B) there has been an increase in demand.
• C) there has been a change in the quantity supplied and no change in supply.
• D) Both answers B and C are correct.
• E) Both answers A and B are correct.

Identify the value of competencies in enhancing employee performance.

Understand the methodologies and tools used for job analysis and their application.

Understand the critical elements of a well-stated research hypothesis.

Identify independent and dependent variables in research studies.

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Definitions:

Firm's Output

The aggregate amount of products and services generated by a business within a certain timeframe.

Lowest Price

The minimum cost at which a product or service can be purchased, often emphasized in marketing to attract consumers.

Short Run

A period during which at least one input, such as plant size or capital, is fixed and cannot be changed.

Maximum Profit

The highest possible financial gain achievable by a firm from its operations, after all costs have been subtracted from total revenue.