An Increase in Both the Equilibrium Price and the Equilibrium

question 169

Multiple Choice

An increase in both the equilibrium price and the equilibrium quantity of DVD players is best explained by a(n) :

• A) increase in the demand for DVD players.
• B) increase in the supply of DVD players.
• C) decrease in the supply of DVD player.
• D) decrease in the demand for DVD players.

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Definitions:

Price Information

Data or details about the cost of goods or services, which helps consumers and businesses make purchasing decisions.

Ocean Liner

A large, passenger ship designed for long-distance voyages, often associated with luxury and transoceanic travel.

Lush Tropical Island

A region characterized by abundant vegetation, a warm climate, and located within the tropics, often considered ideal for tourism and agriculture.

Economy

The large set of interrelated economic production and consumption activities that aid in determining how scarce resources are allocated.