Identify How the Described Changes Will Affect Equilibrium Price and Equilibrium

question 7

Multiple Choice

identify how the described changes will affect equilibrium price and equilibrium quantity
-There is an increase in the preference for a good that coincides with an increase in the wages for labor to produce the good.

• A)Increase in equilibrium price; increase in equilibrium quantity
• B)Decrease in equilibrium price; decrease in equilibrium quantity
• C)Equilibrium price is indeterminate; increase in equilibrium quantity
• D)Increase in equilibrium price; equilibrium quantity is indeterminate

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Definitions:

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Behavioral Differences

Variations in actions or reactions among individuals or groups due to genetic, environmental, or psychological factors.

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Units of heredity made up of DNA that carry genetic information and are responsible for inherited traits in living organisms.

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The act of a medical professional authorizing the use of specific medications for a patient to treat an illness or condition.