If Supply Decreases While Demand Increases Simultaneously, the New Equilibrium

question 10

Multiple Choice

If supply decreases while demand increases simultaneously, the new equilibrium price is ___________ and the new equilibrium quantity is _________________.

• A)lower; lower
• B)lower; indeterminate
• C)indeterminate; higher
• D)higher; indeterminate

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Definitions:

Idle No More

A Canadian grassroots movement initiated by Indigenous activists in 2012, aimed at protecting Indigenous treaty rights, improving the environment, and promoting indigenous sovereignty.

Aboriginal Rights

Legal or moral rights that some governments recognize as being inherent to indigenous peoples based on their historical ties to a particular territory.

Beothuk Population

An indigenous people of Newfoundland, Canada, known historically for their red ochre culture, who became extinct in the early 19th century.

Extinct

Refers to a species, group, or phenomenon that no longer exists or appears in the natural world.