Alexandria Has Gone to the Store to Shop for a New

question 39

Multiple Choice

Alexandria has gone to the store to shop for a new backpack. She looks for the same brand she has always bought in the past but notices that the backpack is now available in a variety of new colors. The backpack has undergone a(n) _____ modification.

• A) subjective
• B) quality
• C) aesthetic
• D) functional
• E) sensory

---

Definitions:

Adverse Supply Shock

An unexpected event that suddenly decreases supply, leading to higher prices and lower quantities available.

Short-run Phillips Curve

A graphical representation showing the inverse relationship between the rate of inflation and the rate of unemployment in an economy over a short period.

Favorable Supply Shock

An unexpected event that increases the availability of a good or service, thus lowering its price and benefiting consumers.

Inflation

The measure of how quickly the general pricing for products and services advances, decreasing monetary purchasing power.