Figure 4-6 -Refer to Figure 4-6. If the Demand Curve Shifts from Curve

question 285

Multiple Choice

Figure 4-6
-Refer to Figure 4-6. If the demand curve shifts from D to D₁, what do we know?

• A)Firms would be willing to supply less than before.
• B)People are less willing to buy the product at any price than before.
• C)People are now more willing to buy the product at any price than before.
• D)The price of the product has decreased, causing consumers to buy more of the product.

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Definitions:

Equitable Outcome

An equitable outcome is a fair and impartial distribution of resources or opportunities among all members of a community or society, taking into account the needs and contributions of each individual.

Spending

The act of expending funds to purchase products or services.

Recession

A phase of short-term economic downturn characterized by a decrease in commerce and manufacturing, typically marked by two consecutive quarters of declining gross domestic product (GDP).

Inflation

The pace at which prices for general goods and services climb, reducing the value of money to buy them.