Given a Supply Curve That Is Positively Sloped and a Demand

question 58

Multiple Choice

Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:

• A) an increase in price and quantity.
• B) a decrease in price and an increase in quantity.
• C) a decrease in both price and quantity.
• D) an increase in price and a decrease in quantity.

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Definitions:

Achievement

The successful attainment or accomplishment of a task, goal, or objective, often recognized or rewarded by others.

Amygdala

A region of the brain's temporal lobe involved in processing emotions such as fear, anger, and pleasure.

Extraversion

A personality trait typified by outgoing, energetic, and sociable behaviors.

Gregariousness

The quality of being sociable, outgoing, and enjoying the company of others.