For a Given Upward-Sloping Supply Curve,an Increase in Demand for Chocolate

question 3

Multiple Choice

For a given upward-sloping supply curve,an increase in demand for chocolate chips will result in a:

• A)higher equilibrium price and a lower equilibrium quantity.
• B)lower equilibrium price and a lower equilibrium quantity.
• C)lower equilibrium price and a higher equilibrium quantity.
• D)higher equilibrium price and a higher equilibrium quantity.
• E)decrease in the quantity supplied of chocolate chips.

---

Definitions:

Federal Benefits

Financial or non-monetary assistance provided by the government to eligible individuals, families, or organizations.

Lien

A legal right or interest that a creditor has in the debtor's property, serving as security for the debt or charge.

Garnishment

A legal procedure by which a creditor can collect what a debtor owes by requiring a third party to turn over the debtor's property or wages.

Professional License

Certification issued by a governmental or professional body authorizing an individual to practice a particular profession or occupation.