Suppose That Demand for a Good Increases And, at the Same

question 54

Multiple Choice

Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good?

• A)Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
• B)Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.
• C)Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.
• D)Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.

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Definitions:

Brachioradialis

A muscle of the forearm that flexes the forearm at the elbow, especially when the forearm is in a midposition between pronation and supination.

Biceps Brachii

A muscle of the upper arm that flexes the elbow and rotates the forearm, consisting of two heads that join on the radius.

Triceps Brachii

A muscle of the back of the upper arm responsible for extension of the elbow.

Anconeus

A small muscle located at the elbow, involved in extending the elbow and stabilizing the elbow joint.