If Supply and Demand Both Increase, the New Equilibrium Price

question 66

Multiple Choice

If supply and demand both increase, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

• A)lower; lower
• B)lower; uncertain
• C)uncertain; higher
• D)higher; higher

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Definitions:

United States

A country in North America consisting of 50 states, a federal district, five major self-governing territories, and various possessions, known for its democratic government and diverse population.

Twenty-Fourth Amendment

An amendment to the U.S. Constitution, ratified in 1964, prohibiting the imposition of poll taxes in federal elections, facilitating broader voter participation.

Poll Taxes

A tax levied as a fixed sum on every liable individual, historically used to disenfranchise voters, particularly African Americans in the United States, before being declared unconstitutional.

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