Figure 3-8
-Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D₁ and S₂ (point B) . Which of the following changes would cause the equilibrium to change to point C?
Definitions:
Diminishing Marginal Utility
A principle stating that as a person consumes more of a good, the additional satisfaction gained from consuming an additional unit decreases.
Satisfaction
The satisfaction or quenching of a want, necessity, or craving.
Pizza
A popular dish of Italian origin consisting of a round, flattened base of leavened wheat-based dough topped with tomatoes, cheese, and often various other ingredients, baked at a high temperature.
Marginal Utility
The extra pleasure or benefit gained by a consumer from consuming an additional unit of a product or service.
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