Refer to the diagram, in which S 1 and D 1 represent the original supply and demand curves and S 2 and D 2 the new curves. In this market the indicated shift in supply may have been caused by:
A. an increase in the wages paid to workers producing this good.
B. the development of more efficient machinery for producing this commodity.
C. this product becoming less fashionable.
D. an increase in consumer incomes.
B. the development of more efficient machinery for producing this commodity.
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Indicate whether the statement is true or false
There is news that the price of Tucker's Root Beer will increase significantly next week. If the demand for Tucker's Root Beer reacts only to this factor and shifts to the right, the position of this demand curve has reacted to a change in:
a. tastes. b. income levels. c. the price of other goods. d. the number of buyers. e. expectations.