The Price of X Was $10 in Year 1 and $14

question 168

Multiple Choice

The price of X was $10 in year 1 and $14 in year 2.Which of the following could be the correct reason for the rise in price?

• A) The demand for X was higher in year 2 than in year 1,ceteris paribus.
• B) The supply of X was lower in year 2 than in year 1,ceteris paribus.
• C) The demand was higher,and the supply was lower,in year 2 than in year 1.
• D) a and b
• E) a,b,and c

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Definitions:

VALS Typology

A proprietary research methodology used for psychographic market segmentation and consumer profiling.

Ethical Code

A set of principles designed to guide behavior in accordance with moral standards and integrity.

Believers

Individuals who accept or trust in something without requiring empirical evidence, often used in the context of religious faith.

VALS Typology

A consumer segmentation strategy based on values, attitudes, and lifestyles to predict consumer behavior.