If the Price of a Good Increases

question 54

Multiple Choice

If the price of a good increases:

• A) The quantity supplied of the good will increase
• B) The supply of the good will increase
• C) The quantity supplied of the good will decrease
• D) The supply of the good will decrease

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Definitions:

Quid Pro Quo Corruption

A type of corruption involving a direct exchange of goods or services for personal gain or influence, where one party offers something to another in return for a favor.

Express Powers

Powers explicitly granted to an entity or individual by statutes or in a legal document, such as a constitution or contract.

Double Taxation

The imposition of tax on the same income, asset, or financial transaction at two different levels of government, for example, corporate profit followed by personal income tax on dividends.

Perpetual Existence

A feature of corporations allowing them to continue indefinitely, beyond the lives of their owners or members.