Suppose Z Is a Normal Good

question 90

Multiple Choice

Suppose Z is a normal good.The equilibrium price and quantity of Z in the year 2013 was $25 and 60 units,respectively.In 2017,the equilibrium price of Z had increased to $35 but the equilibrium quantity had decreased to 50 units.Other things remaining the same,which of the following could explain this change?

• A) A leftward shift of the supply curve of Z
• B) A rightward shift of the supply curve of Z
• C) A leftward shift of the demand curve for Z
• D) A rightward shift of the demand curve for Z

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Definitions:

Experience

The knowledge or skill acquired by a person through direct involvement in or exposure to events or activities.

Middle-class Americans

Individuals or families in the United States that fall into a socio-economic group characterized by moderate income, education levels, and occupation types, typically perceived as the backbone of American economy and culture.

Spendthrifts

are individuals who spend money imprudently and extravagantly, often depleting their financial resources.

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The abundance of valuable financial assets or physical possessions which can include money, properties, and natural resources.