An Increase in Demand Causes A

question 205

Multiple Choice

An increase in demand causes a:

• A) temporary shortage at the old equilibrium price and a higher new equilibrium price and quantity.
• B) permanent shortage, leaving the equilibrium price and quantity unchanged.
• C) temporary surplus at the old equilibrium price and a lower equilibrium price and quantity.
• D) temporary shortage at the old equilibrium price, a higher new equilibrium price, and a lower new equilibrium quantity.

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Definitions:

Private Property

The legal right or interest that an individual has in a piece of property, distinctly marked by ownership rights, be it real estate or personal property.

Domestication of Animals

The process by which humans have modified the genes of animals over generations to live in close association with humans, often for the purpose of labor, companionship, or food.

Global Societies

Societies characterized by worldwide social relations, where cultural, economic, and political practices extend beyond national boundaries.

Recombinant DNA

Involves removing a segment of DNA from a gene or splicing together segments of DNA from different living things, thus effectively creating a new life form.