Assume That Oranges and Peaches Can Both Be Grown on the Same

question 124

Multiple Choice

Assume that oranges and peaches can both be grown on the same type of land, a decrease in the price of peaches, other things being equal, will cause a(n) :

• A) upward movement along the supply curve for oranges.
• B) downward movement along the supply curve for oranges.
• C) rightward shift of the supply curve for oranges.
• D) leftward shift of the supply curve for oranges.

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Definitions:

Adaptable Resources

Resources that can be adjusted or converted to meet changing conditions or requirements within an economy or market.

Closed Economy

An economic system that does not engage in international trade, with no exports or imports, relying solely on domestic production and consumption.

Japan

An island country in East Asia, known for its rich culture, technological advancements, and significant economic power.

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity (like producing a good or service) more efficiently than another activity.