If Both Demand and Supply Increase, Price Will

question 227

Multiple Choice

If both demand and supply increase, price will

• A)always increase
• B)always decrease
• C)increase only if supply increases more than demand does
• D)increase only if demand increases more than supply does
• E)decrease only if supply increases less than demand does

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Definitions:

Elasticity

In economics, it measures how the quantity demanded or supplied responds to changes in price or income.

Optometrist

A healthcare professional who provides primary vision care, ranging from sight testing and correction to the diagnosis, treatment, and management of vision changes.

Lens

The transparent disk-shaped structure behind the iris and the pupil that changes shape as it focuses on objects at varying distances.

Cornea

The transparent front part of the eye that covers the iris, pupil, and anterior chamber, providing most of the eye's optical power.