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

question 181

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.A reduction in the number of firms producing X will:

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

---

Definitions:

Demonstrable Proof

Tangible or empirical evidence that can conclusively demonstrate the truth of an assertion or claim.

Contract Language

The specific wording and terms used in a contract that determine the rights, obligations, and conditions for all parties involved.

Prior Incidents

prior incidents refer to events or situations that have happened in the past, often used as reference points in decision-making or assessing risk.

Arbitration

A form of alternative dispute resolution where a neutral third party, the arbitrator, makes a decision to resolve a dispute, often used in labor disputes to avoid court litigation.