Suppose That the Number of Buyers in a Market Increases

question 103

Multiple Choice

Suppose that the number of buyers in a market increases and a technological advance also occurs. What would we expect to happen in the market?

• A) the equilibrium price would increase but the impact on the amount sold in the market would be ambiguous
• B) the equilibrium price would decrease but the impact on the amount sold in the market would be ambiguous
• C) both equilibrium price and equilibrium quantity would increase
• D) equilibrium quantity would increase but the impact on equilibrium price would be ambiguous

---

Definitions:

Self-Evident Truths

Fundamental truths that are considered to be so obvious they require no further proof or explanation.

Declaration of Independence

The formal statement written by Thomas Jefferson declaring the freedom of the thirteen American colonies from Great Britain.

All Men Are Created Equal

A principle found in the U.S. Declaration of Independence asserting the inherent and equal rights of all individuals.

Articles of Confederation

The original constitution of the 13 American states, ratified in 1781, which was replaced by the U.S. Constitution in 1789 because it provided limited federal power.