Asked by
Cecilia Smith
on Dec 05, 2024
Verified
(Figure: Demand for Coconuts) Use Figure: Demand for Coconuts.If there is an increase in preference for coconuts,it will be represented in the figure as a:
A) shift from D1 to D2
B) movement from point A to point B
C) shift from D1 to D3
D) movement from point B to point E
Preference
An individual's choice or inclination towards a specific option among a set of alternatives based on tastes, utility, or desirability.
Coconuts
Tropical fruit known for its water and flesh, often used as food and in various products, representing a good in economics.
- Discern the role that substitutes and complements play in shaping market dynamics.
- Analyze the consequences of technological changes and preferences on market equilibrium.
Verified Answer
GR
Learning Objectives
- Discern the role that substitutes and complements play in shaping market dynamics.
- Analyze the consequences of technological changes and preferences on market equilibrium.