If the Demand for a Product Increases and the Supply

question 242

True/False

If the demand for a product increases and the supply of the product does not change, equilibrium price and equilibrium quantity will both increase.

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Definitions:

Real Estate

Property consisting of land or buildings, as well as the rights of use and enjoyment of that land or property.

Partnership Property

Assets or property acquired by a partnership, owned collectively by the partners, and used for the purpose of the partnership's business.

Secretary of State

A high-ranking official in the government responsible for conducting foreign affairs, and in some states, overseeing the electoral process and maintaining public records.

Gross Returns

The total amount of financial return on an investment before any deductions, such as expenses or taxes.