Multiple Choice
The initial supply and demand curves for a good are illustrated in the above figure. If there is a rise in the price of a factor of production used to produce the good, then the new equilibrium price
A) is less than $6.
B) is $6.
C) is more than $6.
D) could be less than, equal to, or more than $6.
Correct Answer:
Verified
Correct Answer:
Verified
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