FIGURE 12-5 -Figure 12-5 Above Shows That When the Price Moves from Price

question 208

Multiple Choice

FIGURE 12-5
-Figure 12-5 above shows that when the price moves from $2.00 to $1.50 per unit, the quantity demanded

• A)increases from 3.0 to 4.5 million units per year.
• B)decreases from 4.5 to 3.0 million units per year.
• C)increases from 3.0 to 7.5 million units per year.
• D)decreases from 7.5 to 3.0 million units per year.
• E)stays the same.

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Definitions:

Transformation

The process of changing something from one form or state to another, often seen in context with business, personal development, or technology.

Unemployment

The situation when people who are willing to work at prevailing wage rates cannot find employment.

Movement

In economic terms, it often refers to a change in price or quantity in response to market forces on a graph.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing among options.