If the Market for a Certain Product Experiences an Increase

question 140

Multiple Choice

If the market for a certain product experiences an increase in supply,which of the following results is expected to occur?

• A)Equilibrium price would fall
• B)Equilibrium quantity would rise
• C)Equilibrium price would rise
• D)Both a and b are correct

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Definitions:

False Consciousness

A concept in Marxist theory that describes the scenario where oppressed classes are misguided about their real interests and conditions due to dominant ideological frameworks.

Subordinate Class

A social group that is positioned at a lower rank or status within a hierarchical society, often facing inequalities.

Basic Ideology

Fundamental beliefs, values, and ideas that shape the political, economic, or social structures of a society.

Ruling Class

A social grouping holding the principal power and authority within a society, often making key decisions and governing the population.