An Unexpected Discovery of a New Mineral Deposit Will Cause

question 62

Multiple Choice

An unexpected discovery of a new mineral deposit will cause the

• A)demand curve to shift outward.
• B)demand curve to shift inward.
• C)supply curve to shift outward.
• D)supply curve to shift inward.

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Definitions:

Choice Set

The collection of options or alternatives from which a decision-maker is able to choose in a decision-making process.

Marginal Utility

The additional satisfaction or utility received by a consumer from consuming one more unit of a good or service.

Total Utility

The sum satisfaction or benefit a consumer receives from consuming a particular quantity of a good or service.

Homogeneous Products

Homogeneous products are products that are considered identical by consumers and are indistinguishable in terms of quality, appearance, and performance.