Exhibit 4-10 -Refer to Exhibit 4-10.A Shift from Demand Curve D to Curve

question 155

Multiple Choice

Exhibit 4-10
-Refer to Exhibit 4-10.A shift from demand curve D to demand curve D' would be caused by a(n)

• A)decrease in the price of the product under consideration
• B)significant decrease in population because of emigration
• C)increase in consumer income
• D)decrease in the number of producers of the product
• E)increase in the price of a relevant resource

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Definitions:

International Trade

The exchange of goods and services between countries, allowing for greater variety and availability of products, economies of scale, and increased efficiency.

Achieve

To successfully reach a desired or intended goal through effort, skill, or courage.

Marginal Cost

The heightened cost involved in the production of one additional product or service unit.

Marginal Benefits

The supplementary benefit or enjoyment a person gets by consuming another unit of a good or service.