Refer to the Accompanying Figure

question 29

Multiple Choice

Refer to the accompanying figure. Suppose the solid line represents the current supply of Star Wars action figures. If retailers learn that a new Star Wars movie will be released in several months, this news is likely to cause:

• A)a decrease in the quantity supplied, but no change in current supply.
• B)neither a change in supply nor a change in quantity supplied since only future demand will change.
• C)current supply to shift to S(B)in anticipation of higher future prices.
• D)current supply to shift to S(A)in anticipation of higher future prices.

---

Definitions:

Status Symbol

An object or behavior that signifies the social or economic status of the individual who possesses it.

Rich Celebrities

Famous individuals who have accumulated substantial wealth through their careers in entertainment, sports, or other public domains.

Gas-Guzzling SUVs

describes sport utility vehicles that are highly inefficient in fuel usage, typically consuming a large amount of gasoline compared to smaller, more fuel-efficient cars.

Intergenerational Mobility

The changes in social status that occur from one generation to the next within a family or household.