Exhibit 4-3 Supply and Demand Curves

question 75

Multiple Choice

Exhibit 4-3 Supply and demand curves

-Initially the market shown in Exhibit 4-3 is in equilibrium at P₃,Q₃ (E₃) .Changes in market conditions result in a new equilibrium at P₂,Q₂ (E₂) .This change is stated as a(n) :

• A) decrease in demand and an increase in supply.
• B) decrease in demand and a decrease in quantity supplied.
• C) decrease in quantity demanded and an increase in quantity supplied.
• D) decrease in quantity demanded and an increase in supply.

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Definitions:

Trade Unions

Organizations formed by workers to protect their rights and interests through collective bargaining and labor negotiations.

Labor Parties

Political parties that primarily represent the interests of the working class and advocate for policies such as workers' rights, social justice, and income equality.

Service Sector

A segment of the economy that involves providing services instead of goods or products to consumers and businesses.

Manual Workers

Individuals who perform physical work, often involving the use of hands and physical skill, in various industries such as construction, manufacturing, or agriculture.