-Refer to the Above Figure

question 221

Multiple Choice

-Refer to the above figure. Moving from point A to point B indicates

• A) An increase in supply.
• B) An increase in quantity supplied.
• C) A decrease in supply.
• D) A decrease in quantity supplied.

---

Definitions:

Net Supplier

An entity that provides more of a good or service to the market than it consumes from it.

Normal Good

A category of product that sees a rise in demand as the consumer's income grows, indicating a direct correlation between income levels and demand.

Backward-Bending

Refers to the backward-bending supply curve of labor, indicating that beyond a certain wage level, labor supply decreases as income and substitution effects impact workers' willingness to work.

Endowed

Provided or supplied with a particular talent, quality, or asset.