Graph 14-8 -Refer to Graph 14-8. When a Firm in a Competitive

question 118

Multiple Choice

Graph 14-8

-Refer to Graph 14-8. When a firm in a competitive market, like the one depicted in panel (a) , observes market price rising from P₁ to P₂, it is most likely the result of:

• A) an increase in market supply from Supply₀ to Supply₁
• B) an increase in market demand from Demand₀ to Demand₁
• C) entrance of new firms into the market
• D) the exit of existing firms in the market

---

Definitions:

Frequency Distribution

The representation, often in a table or graph, of the number of times each value appears in a set of data.

Pie Chart

A round diagram segmented to represent numerical ratios.

Business School Graduates

Individuals who have completed a degree program at a business school, typically earning a degree in business administration or management.

Frequency Distribution

A statistical analysis that shows the frequency of each distinct value or category of data in a set, often presented as a table or graph.