Figure 45 Shows the Supply Curves of a Durable Good

question 62

Multiple Choice

Figure 4.5 shows the supply curves of a durable good. A shift from the supply curve S to S' could be caused by a(n) :​ ​
Figure 4.5

• A)decrease in consumer income.
• B)increase in the current price of the product.
• C)patent application that restricts the use of a particular production technology.
• D)several competing producers going out of business.
• E)expectation of a higher product price in the future among suppliers.

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Definitions:

Decision-making

The cognitive process of choosing a particular course of action among several alternatives to produce a desired result.

Minority Shareholder

An investor who owns less than half of the total shares of a corporation, and therefore does not have control over the company's decisions.

Duty

A moral or legal obligation to perform or refrain from performing some action.

Corporation

A legal entity that is separate and distinct from its owners, with rights and liabilities, capable of conducting business.