Suppose That for a Given Good Demand Increases and Supply

question 184

Multiple Choice

Suppose that for a given good demand increases and supply decreases at the same time.If demand increases by a lesser amount than supply decreases,then equilibrium price __________ and equilibrium quantity __________ for that good.

• A) rises; falls
• B) falls; falls
• C) rises; rises
• D) falls; rises

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Definitions:

Allegorical Statement

An expression that uses symbolic figures, actions, or representations to convey a deeper moral or spiritual meaning.

Metaphorical Statement

An expression that refers to one thing by mentioning another, used to make a comparison that emphasizes a particular point or concept.

Communicating

The process of conveying or sharing information, ideas, or feelings through speech, writing, signals, or behaviors.

Defamed Party

An individual or entity that has been falsely accused in a manner that damages their reputation.