Figure 4-16 -Refer to Figure 4-16. the Shift from S to S

question 500

Multiple Choice

Figure 4-16
-Refer to Figure 4-16. The shift from S to S' in the market for peaches could be caused by a(n)

• A)increase in the price of peaches.
• B)decrease in the price of pears.
• C)increase in income.
• D)decrease in the labor costs of the workers who pick peaches.

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Definitions:

Comparative Advantage

The capacity of a being to generate a product or service at a reduced opportunity cost compared to others.

Range Of Prices

A spectrum or interval between the lowest and highest prices at which goods or services are sold in the market.

Cups Of Soup

A measure of quantity often used in food service to represent single servings of soup.

Trade

Trade involves the exchange of goods, services, or both, between parties, which can be within an economy (domestic trade) or between economies (international trade).