Figure 7-22 -Refer to Figure 7-22.If the Price Decreases from $80 to from $80

question 57

Multiple Choice

Figure 7-22
-Refer to Figure 7-22.If the price decreases from $80 to $70 due to a shift in the supply curve,consumer surplus increases by

• A)$250.
• B)$750.
• C)$1000.
• D)$500.

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Definitions:

Oxnard Beet Growers

A group or association of farmers in Oxnard, California, historically known for cultivating sugar beets and involved in agricultural development and labor disputes.

AFL

The American Federation of Labor, a national federation of labor unions in the United States, founded in 1886, focusing on skilled workers.

Coal Mining Towns

Communities that develop around coal mines, where mining for coal is the primary industry supporting the local economy and population.

Company "Scrip"

A type of currency issued by a company to its employees or contractors, typically redeemable only at company-owned stores or facilities, leading to worker dependence.