(Figure: Interpreting a Market Graph) If the Price of Shoes

question 305

Multiple Choice

(Figure: Interpreting a Market Graph) If the price of shoes is $60 per pair, the _____ will be 30 pairs of shoes.

• A) quantity demanded
• B) quantity supplied
• C) market demand
• D) market supply

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Definitions:

Normal Good

A good for which demand increases as consumer income rises, and falls when consumer income decreases.

Income Rises

An increase in the amount of money earned by individuals or households, which can impact their purchasing power and consumption habits.

Marginal Rate

The marginal rate refers to the rate at which one quantity changes with a slight increase in another quantity, often used in economics to discuss changes in tax, cost, or benefit.

Indifference Curve

A graph showing different combinations of two goods among which a consumer is indifferent, reflecting preferences for consumption.