-The Graph Illustrates the Supply of Sweaters

question 49

Multiple Choice

-The graph illustrates the supply of sweaters.Which of the following events will increase the supply of sweaters?

• A) a rise in the price of a sweater
• B) a rise in the wage rate paid to the workers who make sweaters
• C) a rise in the expected future price of a sweater
• D) an increase in the number of sellers of sweaters
• E) an increase in income if sweaters are a normal good

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Definitions:

Unlimited Time

An indefinite duration without a specified end point or limit.

Normative Economic

An aspect of economics that examines values or judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal.

Economic Analysis

The systematic approach to determining the optimal use of scarce resources, involving comparison of costs and benefits.