If the Supply and Demand for a Product Both Increase

question 14

True/False

If the supply and demand for a product both increase at the same time, the equilibrium price and equilibrium quantity of the product will both increase, ceteris paribus.

---

Definitions:

GAAP

Stands for Generally Accepted Accounting Principles, which are a collection of commonly-followed accounting rules and standards for financial reporting.

Abusive Tax Shelter

Investment schemes that are designed primarily to evade taxes, often by exploiting legal loopholes.

Federal Tax Law

Legislation that governs the collection and regulation of taxes at the national level in the United States, including income, corporate, and sales taxes.

Gross Income

The total income earned by an individual or business before any deductions or taxes are taken out.