Multiple Choice
Exhibit 3-2
-Refer to Exhibit 3-2.Suppose equilibrium is at point A.Something then changes and equilibrium becomes point C.Which of the following is consistent with the change in equilibrium from point A to C (assuming that good X is a normal good) ?
A) There was an increase in income and production technology advanced.
B) There was a decrease in income and production technology advanced.
C) There was an increase in the price of a substitute and an increase in wages.
D) There was a decrease in the price of a complement and an increase in wages.
Correct Answer:
Verified
Correct Answer:
Verified
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