Use the Following to Answer Questions

question 166

Multiple Choice

Use the following to answer questions .
Exhibit: Simultaneous Shifts in Demand and Supply
-(Exhibit: Simultaneous Shifts in Demand and Supply) D₁ and S₁ are original supply and demand curves, and S₂ and D₂ are new curves. In this market, the change in supply may have resulted from:

• A) wage increases for the workers.
• B) an improvement in technology.
• C) a decrease in the number of sellers.
• D) all of the above.

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Definitions:

Fair Market Value

The price at which property would sell on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.

Serious Illness

A health condition that has a significant effect on a person's life activities, potentially requiring medical attention or treatment.

Nursing Home

A residential facility providing care and living accommodations for elderly or disabled individuals requiring constant health care support.

Duress

A situation in which someone performs an act as a result of violence, threat, or other pressure against them, often impacting the legality or validity of agreements made under such conditions.