When Demand Increases, the Equilibrium Price ________ and the Equilibrium

question 40

Multiple Choice

When demand increases, the equilibrium price ________ and the equilibrium quantity ________.

• A) rises; decreases
• B) falls; decreases
• C) rises; increases
• D) falls; increases

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Definitions:

Joseph Ernest Renan

A French expert in Semitic languages and civilizations, philosopher, historian, and writer, known for his influential works on the history of religion and his philosophical approach to nationalism.

Scriptures

The sacred writings of a religion, revered and followed by its believers, such as the Bible in Christianity, the Quran in Islam, and the Vedas in Hinduism.

Historical Document

A record or artifact that provides information about the past, including manuscripts, letters, diaries, or any written material of historical significance.

Friedrich Nietzsche

A German philosopher renowned for his critical texts on religion, morality, contemporary culture, and philosophy, emphasizing the importance of individuality and willpower.