We Observe a Market in Which the Price Has Risen

question 54

Multiple Choice

We observe a market in which the price has risen and the quantity sold has risen as well.This could be caused by a(n) :

• A)increase in demand.
• B)increase in supply.
• C)decrease in demand.
• D)decrease in supply.

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Definitions:

Tariff Revenue

The income generated for a government from taxing imported goods.

Consumer Surplus

The gap between what consumers are prepared and capable of spending on a product or service versus what they actually spend.

Trade Restrictions

Measures such as tariffs, quotas, and import bans implemented by governments to control the amount and type of goods and services that can enter or leave a country.

National Security

The protection and safety of a country's citizens and economy.