Use the graph to answer the question that follows. Price ($) X Ο Ο S' S Quantity The graph for a competitive output market shows demand shifting from D to D' and supply shifting from S to S'. Which pair of events is consistent with these two changes? An increase in the price of a substitute good (in consumption) and an increase in the price of a key input, like labor An increase in both the number of buyers and the number of sellers An increase in the price of a complement good (in consumption) and a decrease in the number of sellers A decrease in the number of buyers and an increase in the price of a key input, like labor An increase in average income (with a normal good) and technological progress producing the good

Use the graph to answer the question that follows. Price ($) X Ο Ο S' S Quantity The graph for a competitive output market shows demand shifting from D to D' and supply shifting from S to S'. Which pair of events is consistent with these two changes? An increase in the price of a substitute good (in consumption) and an increase in the price of a key input, like labor An increase in both the number of buyers and the number of sellers An increase in the price of a complement good (in consumption) and a decrease in the number of sellers A decrease in the number of buyers and an increase in the price of a key input, like labor An increase in average income (with a normal good) and technological progress producing the good

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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