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

question 329

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 $1.50, a movement toward equilibrium requires:

• A) ​no change, because an equilibrium already exists.
• B) ​the price to fall below $1.50 and both the quantity supplied and the quantity demanded to fall.
• C) the price to remain the same, but the supply curve to shift to the left.
• D) ​the price to fall below $1.50, the quantity supplied to fall, and the quantity demanded to rise.

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Definitions:

Americas

A collective term for the continents of North America and South America, including all its countries and regions.

Negros De Ganhos

A term from Brazilian history referring to enslaved Africans who were allowed to work for their own earnings, albeit under conditions set by slaveholders.

Roman Catholicism

The largest branch of Christianity, led by the Pope, characterized by its liturgical traditions and doctrines like the sacraments and the teaching authority of the Church.

Brazilian Interior

Refers to the inner, often less developed and less populated regions of Brazil, contrasted with the coastal areas where the majority of the population lives.