In the Specific Factors Model, a 5% Increase in the Price

question 26

Multiple Choice

In the specific factors model, a 5% increase in the price of food accompanied by a 0% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________.

• A) remain constant; decrease; decrease
• B) increase by less then 5%; decrease; increase
• C) remain constant; increase; increase
• D) increase by more then 5%; increase; remain unchanged
• E) increase by 5%; remain unchanged; remain unchanged

Recognize the origins of specific torts.

Identify the parties involved in a tort action and their roles.

Understand the defenses available in a tort action.

Differentiate between assault and battery in tort law.

---

Definitions:

Sellers

Individuals or entities that provide goods or services in exchange for payment, playing a critical role in the dynamics of supply and market operations.

Shortage

A situation where the demand for a product or service exceeds the available supply at a specific price point.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded, typically leading to lower prices.

Quantity Supplied

The amount of a commodity that producers are willing and able to sell at a particular price over a given period of time.