In Year 1 the Average Price of X Is $10

question 214

Multiple Choice

In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2 than in year 1, it follows that

• A)the law of supply does not hold for good X.
• B)demand for good X could be lower in year 2 than in year 1.
• C)supply of good X could be less in year 2 than in year 1.
• D)good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good.
• E)good X buyers have received a decrease in income between year 1 and year 2, and good X is a normal good.

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Definitions:

Life Spans

The duration of time from the birth to the death of an organism, indicating its longevity.

Chronic

Describing something, such as a disease or condition, that is persistent or long-standing over a period.

Humans And Animals

The relational studies and ethical considerations surrounding the interactions, relationships, and coexistence between humans and animals.

Mutual Beneficial Interactions

Involves interactions that provide benefits to all parties involved, promoting positive outcomes and relationships.