​ ​-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:

Employees

Individuals who are hired by a company or another person to perform work in exchange for compensation under a contract of employment, whether oral or written.

Human Capital

The collective skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value to an organization.

Training

The process of enhancing the skills, capabilities, and knowledge of employees for the purpose of improving job performance.

Experience

The accumulation of knowledge or skill that results from direct participation in events or activities.