Identify How the Described Changes Will Affect Equilibrium Price and Equilibrium

question 25

Multiple Choice

identify how the described changes will affect equilibrium price and equilibrium quantity
-Widgets and Wadgets are considered substitute goods in the market for accessories.The price of Widgets falls at the same time there is an increase of suppliers of Wadgets.

• 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:

Sociograms

Visual representations or maps showing the social connections and interactions within a group, often used to identify relationships and social dynamics.

Sociogram

A graphical depiction or chart that outlines the interconnections within a group, emphasizing the links between members.

Negative Nominations

Often refers to a method used in research where individuals identify peers they dislike or view negatively.

Social Groups

Collections of individuals who interact with each other, sharing similar characteristics and collectively possessing a sense of unity or identity.