The Price of a Good Will Rise If

question 31

Multiple Choice

The price of a good will rise if

• A)demand for the good decreases.
• B)supply of the good decreases.
• C)there is a surplus of the good.
• D)the price of a substitute for the good decreases.
• E)the good is an inferior good and income increases.

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Definitions:

Renaissance Humanism

An intellectual movement during the Renaissance that focused on the study of classical antiquity and emphasized human potential and achievements.

Machiavelli's Political Theories

The ideas and concepts on governance and political strategy articulated by Niccolò Machiavelli, most notably in his work "The Prince," which emphasizes practicality over morality in statecraft.

Commercial Power

The capacity of a nation, organization, or group to influence others through the control of trade and economic resources.

Ottoman Empire

A historical Islamic empire founded by Osman I in approximately 1299, which at its height covered Southeast Europe, Western Asia, and North Africa.