-In Figure1.1 If Supply Increases, Then Equilibrium

question 31

Multiple Choice

-In Figure1.1 if supply increases, then equilibrium:

• A)price and quantity fall.
• B)price and quantity rise.
• C)price rises and quantity falls.
• D)price falls and quantity rises.

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Definitions:

Delegation

The assignment of authority and responsibility to another person to carry out specific activities while retaining the ultimate accountability for the outcome.

Low-Cost Strategy

A business approach aimed at gaining a competitive advantage by minimizing costs while maintaining acceptable quality and pricing for products or services.

Rival

A rival is a competitor or opponent who is in contention with another for the same objective or for superiority in the same field.

Differentiation Strategy

A business approach focusing on developing and marketing unique products or services to stand out from competitors and attract customers.