Consider a Local Market for 4-Litre Containers of Windshield-Wiper Fluid

question 157

Multiple Choice

Consider a local market for 4-litre containers of windshield-wiper fluid.In January 2015,100 000 containers were sold at a price of $3 each.In March 2015,120 000 containers are sold at a price of $8 each.Does this change in equilibrium price and quantity violate the "law of demand"?

• A)Not necessarily,because the supply curve could have shifted to the right,leading to an increase in equilibrium price and quantity.
• B)Not necessarily,because the demand curve could have shifted to the right,leading to an increase in equilibrium price and quantity.
• C)Not necessarily,because the demand curve could have shifted to the left,leading to an increase in equilibrium price and quantity.
• D)Not necessarily,because the supply curve could have shifted to the left,leading to an increase in equilibrium price and quantity.
• E)No,because the "law of demand" is not valid.

---

Definitions:

Psychological Testing

The administration of standardized tests or assessments to measure various aspects of a person’s psychological functioning, such as intelligence, personality, or mental health.

Cultural Values

The core principles and ideals upon which an entire community exists, influencing their behavior and attitudes.

Tendencies

Inclinations or predispositions toward certain behaviors, thoughts, or actions that are characteristic of an individual or group.

Assimilated

The process by which a person or group adopts the cultural traits or social patterns of another group, often losing their original identity.