If Demand Increases and Supply Decreases

question 69

Multiple Choice

If demand increases and supply decreases,

• A)equilibrium price will fall and equilibrium quantity will rise
• B)equilibrium price and quantity will both rise
• C)equilibrium quantity will rise; equilibrium price will either rise or fall
• D)equilibrium price will fall; equilibrium quantity will either rise or fall
• E)equilibrium price will rise; equilibrium quantity will either rise, fall, or remain unchanged

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Definitions:

Micro-Objective Level

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George Ritzer

An American sociologist known for his work on consumerism, globalization, and the concept of McDonaldization of society.

Economic Determinist Neo-Marxian Theory

An approach within Marxist theory focusing on how economic factors predominantly determine societal structures and relationships.

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