An Decrease in the Price of Oranges Would Lead to A(n)

question 5

Multiple Choice

An decrease in the price of oranges would lead to a(n)

• A)increased supply of oranges.
• B)increase in the prices of inputs used in orange production.
• C)a movement down and to the left along the supply curve for oranges.
• D)a movement up and to the right along the supply curve for oranges.

---

Definitions:

Economic Rent

The income earned from the use of resources above what is necessary to keep those resources in their current use.

Real Wages

Salaries recalibrated based on inflation rates to indicate the real value of earnings in terms of buying capacity.

Real Wages

Salaries recalibrated to account for inflation, indicating the actual buying capability of earnings.

Income Earned

Refers to all forms of compensation or remuneration received from employment, including wages, salaries, bonuses, and other earnings.