Figure 4-23 -In Figure 4-23, Which of the Following Movements Would Be

question 234

Multiple Choice

Figure 4-23
-In Figure 4-23, which of the following movements would be caused by a change in income?

• A)A to C
• B)C to A
• C)B to D
• D)B to A

---

Definitions:

Equilibrium

A market condition in which the equilibrium of supply and demand leads to price stability.

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product in demand, thus balancing supply and demand.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, often leading to a decrease in price.

Quantity Supplied

The aggregate supply of a good or service that manufacturers intend to sell, contingent upon a particular price level within a set period.