A Change in Price Will Lead to a Change in __________

question 111

Multiple Choice

A change in price will lead to a change in __________ and to a change in __________,while a change in preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________.

• A) quantity supplied; demand; income; supply
• B) demand; quantity supplied; supply; quantity demanded
• C) quantity supplied; supply; quantity supplied; demand
• D) quantity supplied; quantity demanded; demand; supply
• E) quantity supplied; quantity demanded; supply; demand

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Definitions:

Economy's

The state of a geographic or political region's system of production, consumption, and distribution of goods and services.

Nominal Income

The amount of money income received in a given time period, not adjusted for inflation.

Real Income

Income of individuals or nations after adjusting for inflation, reflecting the true purchasing power.

Corn

A cereal plant that yields large kernels on a cob, widely grown for food, fodder, and ethanol production.