Suppose We Observe a Rise in the Price of Good

question 89

Multiple Choice

Suppose we observe a rise in the price of good A and a decrease in the quantity of good A bought and sold.Which one of the following is a likely explanation?

• A)The law of supply is violated.
• B)The demand for A decreased.
• C)The demand for A increased.
• D)The supply of A increased.
• E)The supply of A decreased.

---

Definitions:

Meaningful Reality

The perception or interpretation of the world in a way that holds significance or purpose for an individual or community.

Conflict Theory

Conflict theory is a sociological perspective that views social life as a competition among groups for resources, power, and status, highlighting the inherent inequalities of social systems.

Structural Functionalism

It is a notion in sociology that sees society as a complex entity, whose various parts operate in harmony to foster a sense of togetherness and constancy.

Social Change

The transformation over time of cultural values, norms, institutions, and behaviors within a society.