Which of the Following Statements Is Correct for a Market

question 26

Multiple Choice

Which of the following statements is correct for a market with an upward- sloping supply curve and a downward- sloping demand curve?

• A)If the demand curve shifts left and the supply curve shifts left, equilibrium price will fall.
• B)If the demand curve shifts right and the supply curve shifts left, equilibrium price will rise.
• C)If the demand curve shifts left and the supply curve shifts right, equilibrium price will rise.
• D)If the supply curve shifts right and the demand curve remains constant, equilibrium price will rise.
• E)If the supply curve shifts left and demand remains constant, equilibrium quantity will rise.

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Definitions:

Social Support

Aid and succor provided by members of one’s social networks.

Homogamy

The practice of marrying or forming relationships with individuals who have similar social, cultural, or personal characteristics.

Polygamy

A marital practice in which an individual has more than one spouse simultaneously.

Endogamy

The practice of marrying within a specific ethnic group, class, or social group, rejecting those from others.