Given a Supply Curve That Is Positively Sloped and a Demand

question 58

Multiple Choice

Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:

• A) an increase in price and quantity.
• B) a decrease in price and an increase in quantity.
• C) a decrease in both price and quantity.
• D) an increase in price and a decrease in quantity.

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Definitions:

Variation

The occurrence of differences among individuals, groups, or populations, often leading to evolutionary change.

Standard Deviation

A statistical measure that represents the dispersion or variance in a set of data points from its mean.

Measure of Variation

A statistical tool used to describe the distribution or spread of data points in a dataset, common measures include variance, standard deviation, and range.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of values, indicating how spread out the numbers are in a dataset.