Suppose We Observe an Increase in the Price of Good

question 121

Multiple Choice

Suppose we observe an increase in the price of good A and an increase in the quantity of good A exchanged.Which of the following is a likely explanation?

• A)The "law of demand" is violated.
• B)The "law of supply" is violated.
• C)The supply of good A has increased.
• D)There is an excess supply of good A.
• E)The demand for good A has increased.

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Definitions:

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