Which of the Following Events Must Result in a Higher

question 483

Multiple Choice

Which of the following events must result in a higher price in the market for Snickers?

• A) Demand for Snickers increases, and supply of Snickers decreases.
• B) Demand for Snickers and supply of Snickers both decrease.
• C) Demand for Snickers decreases, and supply of Snickers increases.
• D) Demand for Snickers and supply of Snickers both increase

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Definitions:

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total benefits to society from the production and consumption of goods and services.

Exports

Items or services manufactured in one nation and marketed to purchasers in another.

World Price

The global market price of a product or service, determined by worldwide conditions of supply and demand.

Importer or Exporter

A person or company that brings goods into (importer) or sells goods to other countries (exporter) as part of international trade.