Consider the Global Market for Some Mineral,X

question 54

Multiple Choice

Consider the global market for some mineral,X.In January,2014,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2016,the equilibrium price and quantity were P = $27 per unit and Q = 175 million units.Which of the following is the best possible explanation for this change in market equilibrium?

• A)There has been a simultaneous increase in demand for,and increase in supply of,mineral X.
• B)There has been an increase in demand for mineral X.
• C)There has been an increase in quantity demanded for mineral X.
• D)There has been an increase in supply of mineral X.
• E)There has been an increase in quantity supplied of mineral X.

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Definitions:

Ilium

The uppermost and largest part of the hip bone, contributing to the pelvis structure and providing attachment for various muscles.

Ischial Tuberosities

Bony protrusions located at the lower and back part of the pelvis, which bear the body's weight when sitting.

Iliac Fossae

The large, concave areas on the inner surface of the iliac bones, part of the pelvis.

Olecranon Process

A prominent projection on the upper end of the ulna that forms the tip of the elbow.