You Are Asked to Determine, Other Things Equal, the Effects

question 95

Multiple Choice

You are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product Xupon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X.Refer to the above.An increase in the prices of resources used to produce X will:

• A)increase S, increase P, and increase Q.
• B)increase D, increase P, and increase Q.
• C)decrease S, decrease P, and decrease Q.
• D)decrease S, increase P, and decrease Q.

---

Definitions:

Personal Criterion

An individual standard or principle used to judge or decide something.

Opportunity

A set of circumstances that makes it possible to do something or for something to happen, often leading to potential benefits.

Emerging Markets

Countries or regions with rapidly growing economies that are in the process of industrialization.

Greener Plastics

Environmentally friendlier alternatives to traditional plastics, designed to reduce pollution and reliance on fossil fuels, including biodegradable, compostable, and recyclable options.