A Decrease in Supply Raises the Price of a Good

question 72

True/False

A decrease in supply raises the price of a good, but it also decreases the quantity demanded, which lowers the price of a good. The net effect on price is ambiguous.

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Definitions:

Individuals Care

The attention and consideration shown by people towards others on a personal or individual level, emphasizing empathy and compassion.

Politicization Of Crime

The process by which criminal justice issues are used for political gain, often influencing public perception and policy.

Ethical Issue

A problem or situation that requires a person or organization to choose between alternatives that must be evaluated as right (ethical) or wrong (unethical).

Human Rights

The basic rights and freedoms to which all humans are considered entitled, often upheld by law, including civil, political, economic, social, and cultural rights.