Figure 4-8 -Refer to Figure 4-8.The Movement from Point a to Point

question 485

Multiple Choice

Figure 4-8

-Refer to Figure 4-8.The movement from Point A to Point B represents a(n)

• A) increase in the price.
• B) decrease in the quantity supplied.
• C) shift in the supply curve.
• D) Both a) and b) are correct.

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Definitions:

Own Price Elasticity

Own price elasticity measures the responsiveness of the quantity demanded of a good to a change in its own price.

Market Share

The percentage of an industry's total sales that is earned by a particular company over a specified time period.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Gas Station

A facility where gasoline (petrol) and often other fuels and automotive products are sold to motorists.