Given a Downward-Sloping Demand Curve and an Upward-Sloping Supply Curve,an

question 4

Multiple Choice

Given a downward-sloping demand curve and an upward-sloping supply curve,an increase in supply together with an increase in demand will cause the

• A)Equilibrium quantity purchased to increase,but the effect on price will be indeterminate
• B)Equilibrium quantity purchased to decrease,but the effect on price will be indeterminate
• C)Price to rise,but the effect on the equilibrium quantity purchased will be indeterminate
• D)Price to fall,but the effect on the quantity bought and sold will be indeterminate
• E)Equilibrium price to rise and the equilibrium quantity purchased will rise

Solve real-world problems through setting up and solving systems of linear equations.

Understand the concept of the range in graphing equations and apply it in solving problems.

Translate real-world scenarios into mathematical equations to solve for unknown variables.

Understand the relationship between equations, their graphs, and the solutions to the equations.

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Definitions:

Goods and Services

Goods and services encompass all the physical items and intangible benefits that are produced and consumed to satisfy human wants and needs.

Factors of Production

Factors of production are the inputs used in the production of goods or services in the attempt to make an economic profit, including labor, capital, land, and entrepreneurship.

Circular-Flow Model

The circular-flow model is an economic diagram that illustrates how households and firms interact through markets for products and resources, depicting the continuous flow of money and resources.

Households

Economic units comprising individuals living together, making joint decisions about consumption and production.