Figure 4-4 -An Increase in Demand Will Have What Effect on Equilibrium

question 274

Multiple Choice

Figure 4-4
-An increase in demand will have what effect on equilibrium price and quantity?

• A)Price will increase; quantity will decrease.
• B)Price will decrease; quantity will increase.
• C)Both price and quantity will increase.
• D)Both price and quantity will decrease.

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Definitions:

Mental Age

A measure of an individual's cognitive ability compared to the average cognitive ability of individuals in a specific age group.

IQ

An abbreviation for Intelligence Quotient, a measure of a person’s cognitive abilities in relation to their age group.

Chronological Age

The amount of time that has passed since a person's birth, typically measured in years.

Mental Age

A measure of an individual's mental ability expressed as the age at which an average individual reaches the same level of mental performance.