The Graph Shown Depicts the Market for a Good

question 97

Multiple Choice

The graph shown depicts the market for a good. Assume the market was originally in equilibrium where the demand curve (D) and supply curve (S1) intersect. Something changes in the market, and the supply curve shifts to S2. What could have caused this shift?

• A)The price of pizza sauce increased.
• B)The price of pizza decreased.
• C)The price of labor for pizza shops decreased.
• D)None of these would cause the supply curve to shift to S2.

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Definitions:

In-state Residents

Individuals who live within the geographical boundaries of a particular state and are often eligible for benefits or rates not available to non-residents.

Quota Sampling

A non-probability sampling technique where individuals or elements are selected based on specific traits or characteristics until a quota is met.

Nonrandom Component

The portion of variability in data that is attributable to specific, deterministic causes, as opposed to random variation.

Simple Random Sample

A subset of individuals chosen from a larger set, where each member has an equal chance of being selected.