Given a Positively Sloped Supply Curve, When Market Demand Increases

question 72

Multiple Choice

Given a positively sloped supply curve, when market demand increases

• A)the new equilibrium will have a higher price and a smaller quantity.
• B)the new equilibrium will have a higher price and a larger quantity.
• C)the new equilibrium will have the same price and larger quantity.
• D)the new equilibrium will have a lower price and a smaller quantity.
• E)the new equilibrium will have a lower price and a greater quantity.

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Definitions:

Mathematical Average

Also known as the mean; a measure of central tendency calculated by adding all the numbers in a data set and dividing by the count of those numbers.

Mode

The value that is most prevalent in a dataset.

Frequency Distribution

A frequency distribution shows how often each different value in a set of data occurs.

Formal Education

Structured and systematic instruction provided by trained teachers in institutions like schools and colleges, leading to recognized qualifications.