Exhibit 3-4 -When Both Supply and Demand Shift Right at the Same

question 41

Multiple Choice

Exhibit 3-4
-When both supply and demand shift right at the same time,

• A)the change in equilibrium price cannot be predicted, but the change in equilibrium quantity can be predicted.
• B)the change in both equilibrium price and equilibrium quantity can be predicted.
• C)the change in equilibrium price can be predicted, but the change in equilibrium quantity cannot be predicted.
• D)neither the change in equilibrium price nor equilibrium quantity can be predicted.
• E)either the equilibrium price or equilibrium quantity will change, but not both.

Identify the roles and expectations of educators within different educational approaches.

Recognize the significance of parental involvement and cooperation in child education programs.

Discern the impacts of government and societal demands on education systems.

Evaluate the potential positive and negative effects of standardized testing on education.

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Definitions:

Marginal Cost

The cost increase associated with the creation of one additional unit of a good or service.

Profit Maximizing

The process by which a firm determines the price and output level that returns the greatest profit.

Marginal Revenue Curve

A graphical representation that shows the change in total revenue for every unit increase in the quantity of output sold.

Demand Curve

A graphical representation showing the relation between the price of a good and the quantity demanded by consumers.