A Competitive Market Is in Equilibrium

question 332

Multiple Choice

A competitive market is in equilibrium.Then there is an increase in demand and an increase in supply.The equilibrium price ________,and the equilibrium quantity ________.

• A) rises; increases
• B) perhaps changes but we can't say if it rises, falls, or stays the same; does not change
• C) falls; increases
• D) perhaps changes but we can't say if it rises, falls, or stays the same; increases
• E) falls; perhaps changes but we can't say if it increases, decreases, or stays the same

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Definitions:

Married Couple

A legal union between two individuals recognized by law, often entailing specific rights, responsibilities, and benefits under the tax code.

Personal Exemption

A deduction that allowed taxpayers to reduce taxable income for themselves and for any dependents claimed, notably reduced to $0 for tax years 2018 through 2025 under the Tax Cuts and Jobs Act.

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A designated family member or other individual who meets specific IRS criteria for dependency exemptions.

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A status on tax filings that provides additional deductions or credits for individuals who are legally blind.