​​Exhibit 3-15 Supply and Demand Curves for Good X

question 13

Multiple Choice

​​Exhibit 3-15 Supply and demand curves for good X
-In Exhibit 3-15, if the market price of good X is initially $.50, a movement toward equilibrium requires:

• A) ​no change, because an equilibrium already exists.
• B) ​the price to fall below $.50 and both the quantity supplied and the quantity demanded to rise.
• C) ​the price to remain the same, but the supply curve to shift to the left.
• D) ​the price to rise above $.50, the quantity supplied to rise, and the quantity demanded to fall.

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Definitions:

Immigration Effect

The impact that immigration has on a host country's economy, labor market, culture, and social fabric, both positive and negative.

Market Labor

The supply of available workers in relation to employment opportunities within a given market or industry.

Equilibrium Wage

The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by employees, leading to a stable employment situation.

Freight Hauling

The process of transporting goods and materials by land, sea, or air.