The graph shown depicts the market for a good. Assume the market was originally in equilibrium where the demand curve (D) and supply curve (S) intersect. Something changes in the market, and the demand curve for the good shifts to D2. Which of the following is true?
Definitions:
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choosing between two or more options.
Market Price
The value of a good or service determined by the supply and demand within a competitive marketplace.
Corn Rises
An increase in the market price of corn, which can be due to various factors such as supply constraints, increased demand, or external market conditions.
Opportunity Cost
Sacrificing the possible benefits of various alternatives by selecting a specific choice.
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