Assume a Market Is in Equilibrium

question 97

Multiple Choice

Assume a market is in equilibrium. There is an increase in supply, but no change in demand As a
Result the equilibrium price _, and the equilibrium quantity _ .

• A)falls; increases
• B)rises; decreases
• C)rises; increases
• D)rises; does not change
• E)falls; decreases

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Definitions:

Erikson

Refers to Erik Erikson, a psychologist known for his theory on the psychosocial development of humans, emphasizing stages throughout the lifespan.

Late Adulthood

A stage of life typically defined as beginning around the age of 65, characterized by retirement, changes in physical health, and reflection on life achievements.

Erikson

A psychoanalyst known for his theory on the psychological development of human beings, which outlines eight stages from infancy to adulthood.

Wisdom

The quality of having experience, knowledge, and good judgment.