Figure: Demand, Supply Shifts Reference: Ref 4-8 (Figure: Demand

question 63

Multiple Choice

Figure: Demand, Supply Shifts Reference: Ref 4-8 (Figure: Demand, Supply Shifts) In the figure, the initial demand curve is D1 and the initial supply curve is S1. If technological innovations lower the costs of production, what will happen?

• A) D1 will shift to D3 and equilibrium price and equilibrium quantity will increase.
• B) S1 will shift to S2 and equilibrium price will increase but equilibrium quantity will decrease.
• C) D1 will shift to D2 and equilibrium price and equilibrium quantity will decrease.
• D) S1 will shift to S3 and equilibrium price will decrease but equilibrium quantity will increase.

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Definitions:

Episodic Memories

Memories of specific events or experiences, including the contexts in which they occurred, that can be explicitly stated or conjured.

Retrograde Amnesia

A form of amnesia where individuals are unable to recall events that occurred before the onset of the amnesia.

Brain Damage

Physical or functional damage to the brain, potentially affecting cognitive, physical, emotional, or behavioral functions.

Atkinson-Shiffrin Model

A theoretical model of memory that describes it as consisting of three main systems: sensory memory, short-term memory, and long-term memory.