FIGURE 4-3 -Refer to Figure 4-3.The Diagram Shows a Rightward Shift in Shift

question 13

Multiple Choice

FIGURE 4-3
-Refer to Figure 4-3.The diagram shows a rightward shift in the demand curve for some good,and the short-run and long-run supply curves (S_S and S_L,respectively) .In the new short-run equilibrium after the increase in demand,producers' revenue

• A)is unambiguously lower than in the long-run equilibrium at E_L.
• B)could be higher or lower than at E₀,depending on the short-run elasticity of supply.
• C)is unambiguously higher than at E₀.
• D)is unambiguously lower than at E₀.
• E)is unambiguously higher than at E_L.

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Definitions:

Relative Frequencies

The ratio of the frequency of a particular event to the total number of occurrences or samples.

Frequency Chart

A visual representation of data that shows the frequency or number of occurrences of each possible value of a variable.

Nearest Minute

A measure of time rounded to the closest minute, often used in timing or scheduling contexts.

Maximum Time

The longest duration allowed or recorded for a certain process, event, or activity to be completed.