Use the Following to Answer Questions

question 58

Multiple Choice

Use the following to answer questions:
Figure: Shifts in Demand and Supply
-(Figure: Shifts in Demand and Supply) Look at the figure Shifts in Demand and Supply. The figure shows how supply and demand might shift in response to specific events. Suppose consumer incomes increase. Which panel BEST describes how this will affect the market for used furniture, an inferior good?

• A)panel A
• B)panel B
• C)panel C
• D)panel D

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Definitions:

Pronoun

A word used to substitute for a noun or noun phrase, often used to avoid repetition and manage coherence in text.

Pronoun

A word that takes the place of a noun, such as he, she, it, they, etc., used to avoid repetition and simplify sentences.

Comets

Celestial bodies orbiting the sun, typically characterized by a nucleus of ice and dust and, when near the sun, a visible coma or tail.

Orbit

The curved path of a celestial object or spacecraft around a star, planet, or moon, under the influence of gravitational forces.