Other Things Being Equal, an Increase in the Price of a Good

question 180

Multiple Choice

Other things being equal, an increase in the price of a good leads to a decrease in the amount people purchase. This is known as

• A)the law of demand.
• B)the law of supply.
• C)ceteris paribus.
• D)equilibrium.

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Definitions:

Political Organization

The structured system through which a society or group governs or manages its public affairs, including the distribution of power and resources.

Social Order

The set of rules, norms, and standards that exist within a society to maintain stability and organization among its members.

Eradicate

To completely destroy or eliminate something, often used in the context of eradicating diseases or harmful practices.

Tribal Leaders

Individuals recognized for their authority, leadership, and influence within tribal societies, often responsible for decision-making and guidance.