If Demand Increases and Supply Decreases, the Change in the Equilibrium

question 117

Multiple Choice

If demand increases and supply decreases, the change in the equilibrium price will be ________, and the change in the equilibrium quantity will be ________.

• A)positive; positive
• B)positive; negative
• C)positive; uncertain
• D)uncertain; positive

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Definitions:

Research

The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.

Traditional Stereotypes

Widely held but fixed and oversimplified images or ideas of a particular type of person or thing, often based on tradition or historical conventions.

Parenting

The activity of raising and caring for children, including providing support, education, and nurturing.

Norms

Socially accepted rules of behavior that govern the actions of members within a society or group.