Use the Figure Below to Answer the Following Questions

question 35

Multiple Choice

Use the figure below to answer the following questions.

Figure 3.2.2
-Refer to Figure 3.2.2. If consumers' income increases,

• A)the quantity of pizzas demanded increases.
• B)the demand curve for pizzas shifts from D₁ to D₂ if a pizza is a normal good.
• C)the supply of pizzas increases.
• D)the quantity of pizzas supplied decreases.
• E)a movement from point A to point B on D₁ occurs.

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Definitions:

Selective Distribution

A marketing strategy where a product is distributed through a limited number of channels or retailers to maintain exclusivity.

Juicy Fruit

A brand of chewing gum produced by the Wrigley Company, characterized by its sweet, fruity flavor.

Elastic Product

A product whose demand is highly sensitive to changes in price, meaning small price changes can result in significant changes in quantity demanded.

Gasoline

A volatile, flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.