New Oak Tables Are Normal Goods

question 119

Multiple Choice

New oak tables are normal goods.What would happen to the equilibrium price and quantity in the market for oak tables if the price of maple tables rises,the price of oak wood rises,more buyers enter the market for oak tables,and the price of the glue used in the production of the new oak tables increased?

• A)Price will fall,and the effect on quantity is ambiguous.
• B)Price will rise,and the effect on quantity is ambiguous.
• C)Quantity will fall,and the effect on price is ambiguous.
• D)Quantity will rise,and the effect on price is ambiguous.

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Definitions:

Flexible

The ability to adapt or be adapted to changes, challenges, or varying needs with ease.

Spontaneous

Occurring naturally or without premeditation; impulsive and unrestrained.

Sensation Thinker

This term might not correspond to a widely recognized concept in psychology or management sciences in a direct manner, it might be a confusion or mixing of the terms used in psychological type theories.

High Control

A management style characterized by close supervision, strict rules, and a low degree of autonomy for subordinates.