If the Price of a Good Increases

question 2

Multiple Choice

If the price of a good increases:

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

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Definitions:

Arbitrator

An independent individual or panel appointed to settle a dispute outside the court system, whose decision is usually binding.

Legally Binding

Agreements or contracts that are enforceable by law, meaning parties must adhere to the agreed terms.

Labor Dispute

A conflict between employees and their employer regarding work conditions or terms of employment.

Fair Labor Standards Act

A United States federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards for employees in the private sector and in Federal, State, and local governments.