If Both Buyers and Sellers Expect the Price of a Commodity

question 35

Multiple Choice

If both buyers and sellers expect the price of a commodity to rise in the future, it is likely that equilibrium:

• A) price will fall with little change in equilibrium quantity.
• B) price will rise with little change in equilibrium quantity.
• C) quantity will fall with little change in equilibrium price.
• D) quantity will rise with little change in equilibrium price.

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Definitions:

Animism

The belief that nature is enlivened or energized by distinct personalized spirit beings separable from bodies.

Free-Ranging Spirits

Beliefs or practices in some cultures that involve spirits or entities which move freely in the world, unconfined to specific locations, objects, or rituals.

Patriarchic Religion

A religious system or society in which men hold the primary power and predominate in roles of leadership, moral authority, social privilege, and control of property.

Wicca

Wicca is a modern pagan religion that draws upon a diverse set of ancient pagan and 20th-century hermetic motifs for its theological structure and ritual practices.