-Refer to the Above Figure

question 395

Multiple Choice

-Refer to the above figure. The rightward shift of the curve could have been caused by

• A) a technological improvement.
• B) a technological setback.
• C) an increase in income.
• D) a decrease in income.

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Definitions:

Sellers' Costs

The expenses incurred by sellers in producing or procuring goods for sale, including materials, labor, and overhead costs.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that sellers are willing to supply.

Minimum Price

Is the lowest price at which a product or service can be sold, often set by law or regulation to protect producers or consumers.