Which of the Following Indicates That the Law of Supply

question 298

Multiple Choice

Which of the following indicates that the law of supply applies to makers of soda?

• A) An increase in the price of a soda leads to an increase in the demand for soda.
• B) An increase in the price of a soda leads to an increase in the supply of soda.
• C) An increase in the price of a soda leads to an increase in the quantity of soda supplied.
• D) A decrease in the price of a soda leads to an increase in the quantity of soda demanded.
• E) A decrease in the price of a soda leads to an increase in the supply of soda.

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Definitions:

Systematic Judgments

Decisions or evaluations made based on a thorough analysis and following a specific method or protocol.

Confirmation Bias

A bias towards identifying, comprehending, selecting, and reminiscing information that supports and validates one's existing beliefs or assumptions.

Self-Fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true.

Cognitive Functionality

The intellectual processes by which an individual understands, reasons, thinks, and remembers information.