Which of the Following Statements Is Assumed to Be True

question 45

Multiple Choice

Which of the following statements is assumed to be true of a market?

• A) In a market, the demand and supply curves intersect only at one point.
• B) The quantity supplied in a market falls when the price of the good increases.
• C) Since demand and supply curves intersect, a market will always be in equilibrium.
• D) When the market price of the good falls, the demand curve shifts to the right.

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Definitions:

Liability

A legal obligation or responsibility that can be enforced by law, often involving the settlement of debts or damages.

Accepted

Having an offer or proposal agreed upon, typically marking the formation of a contract or agreement.

Federal Acts

Laws enacted by the federal government of a country, applying nationwide and superseding local or state laws in areas of federal jurisdiction.

Consumer Protection

Laws and strategies designed to ensure the rights of consumers, as well as fair trade, competition, and accurate information in the marketplace.