If the Demand for Gem-Quality Diamonds Decreases AND the Supply

question 133

Multiple Choice

If the demand for gem-quality diamonds decreases AND the supply of gem-quality diamonds decreases,what can be said about equilibrium price and quantity in this market?

• A) Equilibrium price and quantity will both fall.
• B) Equilibrium price and quantity will both rise.
• C) Equilibrium quantity will fall, but the change in equilibrium price is uncertain.
• D) Equilibrium quantity will rise, but the change in equilibrium price is uncertain.

Grasp the basis for challenging a will, including undue influence and lack of witness attestation.

Differentiate between wills, trusts, and advance directives, and their functions in estate planning.

Understand the basic principles of insurance, including the transfer of risk and the concept of insurable interest.

Recognize legal and regulatory aspects of insurance, including the distinction between state and federal jurisdiction.

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Definitions:

Ethnic Categories

Classifications of individuals into groups based on shared cultural, linguistic, or ancestral characteristics.

Colourblindness

Refers to a range of genetic conditions where the affected individuals are unable to see colors in the normal way.

White Privilege

The societal privileges that benefit white people over non-white people in some societies, often without being aware of it.

Racial Prejudice

Preconceived negative judgments or opinions about individuals based solely on their racial or ethnic backgrounds.