With a Downsloping Demand Curve and an Upsloping Supply Curve

question 150

Multiple Choice

With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer income will

• A) increase equilibrium price and quantity if the product is a normal good.
• B) decrease equilibrium price and quantity if the product is a normal good.
• C) have no effect on equilibrium price and quantity.
• D) reduce the quantity demanded but not shift the demand curve.

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Definitions:

Color-Blindness

An ideology that proposes disregarding racial characteristics when interacting with others, with the aim of reducing discrimination, although it's critiqued for ignoring systemic racial inequalities.

Cosmopolitanism

An ideology that all human beings belong to a single community, based on a shared morality, beyond individual nation-states or cultural identities.

Intersectionality

A framework for understanding how various aspects of a person's social and political identities (race, gender, class, sexuality, etc.) combine to create different modes of discrimination and privilege.

Pan-Ethnic Groups

Broad categories that group together smaller ethnic groups based on common cultural, geographic, or racial traits.