Suppose We Observe a Rise in the Price of Good

question 178

Multiple Choice

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

• A)The law of demand 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.

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Definitions:

Tween

A demographic group of young people, typically aged between 8 and 12 years, who are in the transitional stage from childhood to adolescence.

Adolescent

A young person in the stage of development between childhood and adulthood, typically between the ages of 13 and 19, characterized by significant physical, psychological, and social changes.

Childhood

The period of life from birth to adolescence, characterized by growth, learning, and socialization.

Mature Consumers

Individuals, typically aged 55 and older, with distinct consumer habits and preferences shaped by their life experiences.