​ ​-Refer to Exhibit 3-2.Suppose Equilibrium Is at Point A.Something Then

question 165

Multiple Choice

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-Refer to Exhibit 3-2.Suppose equilibrium is at point A.Something then changes and equilibrium becomes point C.Which of the following is consistent with the change in equilibrium from point A to C (assuming that good X is a normal good) ?

• A) There was an increase in income and production technology advanced.
• B) There was a decrease in income and production technology advanced.
• C) There was an increase in preferences for good X and an increase in wage rates (a relevant resource price.)
• D) There was an improvement in technology in the production of good X and an increase in wage rates (a relevant resource price.)

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Definitions:

Avoiding Trap

A decision-making error where individuals choose to evade or postpone decisions to avoid conflict or mistakes.

Determine Right Course of Action

The process of making decisions that align with one’s ethics, goals, and the available information to achieve the best outcome.

Work Process Strength

The efficiency, effectiveness, and adaptability of processes within a workplace that contribute to achieving organizational goals.

Performance Opportunity

A situation or instance that allows an individual or organization to showcase their abilities and achieve significant progress.