In Year 1 the Average Price of X Is $10,and

question 196

Multiple Choice

In year 1 the average price of X is $10,and in year 2 the average price of X is $23.Still,consumers buy more units of X in year 2 than in year 1.It follows that

• A) the law of supply does not hold for good X.
• B) demand for good X could be higher in year 2 than in year 1.
• C) supply of good X could be less in year 2 than in year 1.
• D) good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good.
• E) b and d

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Definitions:

Insulin Supplements

Medical preparations used to manage diabetes by providing insulin, a hormone required for the metabolism of carbohydrates, fats, and protein.

Adaptive Responses

Behaviors or processes that individuals use to adjust to changes in their environment, promoting survival and well-being.

Well-Being

The condition of feeling comfort, well-being, or joy.

Insulin

A hormone produced by the pancreas that regulates blood sugar levels, essential for the metabolism of glucose.