If the Demand for a Good Increases by More Than

question 217

Multiple Choice

If the demand for a good increases by more than the supply of the good increases,then the good's equilibrium price will __________ and its equilibrium quantity will __________.

• A) rise; fall
• B) rise; rise
• C) fall; fall
• D) fall; rise

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Definitions:

Quantitative

Relating to, measuring, or measured by the quantity of something rather than its quality.

Epistemological

Pertaining to the theory of knowledge, including the methods, validity, and scope of understanding.

Ontological

Pertaining to the nature of being, existence, or reality, often considered within the branch of metaphysics dealing with the nature of what is.

Axiological

Relating to the branch of philosophy dealing with values, including those in ethics and aesthetics, as it pertains to research.