If the Supply of a Good Decreased, What Would Be

question 167

Multiple Choice

If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?

• A) Price would increase, and quantity would decrease.
• B) Price would decrease, and quantity would decrease.
• C) Price would increase, and quantity would increase.
• D) Price would decrease, and quantity would increase.

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Definitions:

Subsistence Patterns

The means by which societies obtain food and other necessities for survival, including hunting, gathering, agriculture, or trade.

Social Inequality

A condition where societal resources and opportunities are unevenly distributed among different groups based on characteristics like race, gender, income, etc.

Durkheim

Émile Durkheim, a French sociologist known for his foundational contributions to the field of sociology, including his theories on social cohesion and the function of religion in society.

Collective Identity

A sense of belonging and shared characteristics that unify a group, distinguishing them from other groups.