Consider a Local Market for 4-Litre Containers of Windshield-Wiper Fluid

question 28

Multiple Choice

Consider a local market for 4-litre containers of windshield-wiper fluid.In January 2019,100 000 containers were sold at a price of $3 each.In March 2019,120 000 containers are sold at a price of $8 each.Does this change in equilibrium price and quantity violate the "law of demand"?

• A)Not necessarily,because the supply curve could have shifted to the right,leading to an increase in equilibrium price and quantity.
• B)Not necessarily,because the demand curve could have shifted to the right,leading to an increase in equilibrium price and quantity.
• C)Not necessarily,because the demand curve could have shifted to the left,leading to an increase in equilibrium price and quantity.
• D)Not necessarily,because the supply curve could have shifted to the left,leading to an increase in equilibrium price and quantity.
• E)No,because the "law of demand" is not valid.

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Definitions:

In-Depth Interviewing

A qualitative research technique that involves conducting thorough, open-ended interviews to explore a respondent's thoughts and feelings on a particular topic.

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