​Either an Increase in Demand with the Supply Curve Held

question 55

True/False

​Either an increase in demand with the supply curve held constant or a decrease in supply with the demand curve held constant will raise a market's equilibrium price.

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Definitions:

Autarky

A situation or policy where a country aims to be completely self-sufficient, avoiding international trade.

Autarky Price

The price of goods or services within a self-sufficient economy that does not engage in international trade.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, representing extra benefit to producers.

International Trade

The exchange of goods, services, and capital between countries and territories, often driven by comparative advantages and specialization.