An Increase in the Equilibrium Quantity of Good B Can

question 338

Multiple Choice

An increase in the equilibrium quantity of good B can be caused by

• A) an increase the price of inputs utilized in producing good B.
• B) an increase in the price of good B.
• C) a technological improvement in the process of producing good B.
• D) a reduction in the number of producers of good B.

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Definitions:

Consumer Desire

The inclination or preference of consumers towards certain products or services, which influences their purchasing decisions.

Industry X

A placeholder term used to reference a specific, but unnamed industry or sector within the economy.

Specialization

The process in which individuals, firms, or countries focus on producing a narrow range of products or services, often to improve efficiency and productivity.

Division of Labor

The allocation of different tasks to different people or groups in an effort to increase efficiency and productivity.