-S₀ and D₀ Represent the Original Supply and Demand Curves,and

question 8

Multiple Choice

-S₀ and D₀ represent the original supply and demand curves,and S₁ and D₁ represent the new curves.In this market:

• A)the equilibrium position has shifted from M to K
• B)the increase in demand is not as great as the increase in supply
• C)the new equilibrium price and quantity are both greater than originally
• D)point M shows the new equilibrium position
• E)the increase in demand equals the increase in supply

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Definitions:

Annual Franchise Tax

A fee or tax that a business is required to pay annually to remain registered and legally conduct business in a particular jurisdiction.

Legal Status

Refers to the lawful standing of an entity or individual, determining their rights, duties, and liabilities under the law.

Dissolution

The process of legally dissolving a corporation or partnership, involving the distribution of assets to creditors and shareholders, and concluding its affairs.

Liquidate

The process of converting assets into cash or other forms of payment, often used in the context of dissolving a business or paying off debts.