In Year 1 the Price of Good X Is $10

question 203

Multiple Choice

In year 1 the price of good X is $10 and 100 units are bought and sold.In year 2 the price of good X is $13 and 230 units are bought and sold.What can explain this?

• A) The supply of good X was higher in year 2 than in year 1 and the demand for good X was the same in year 2 as in year 1.
• B) The demand for good X was higher in year 2 than in year 1 and the supply of good X was the same in year 2 as in year 1.
• C) Both the demand for,and supply of,good X were higher in year 2 than in year 1.
• D) b or c
• E) a,b,or c

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Definitions:

Assertive

A communication style and behavior characterized by confidence and decisiveness, allowing individuals to express their opinions and needs clearly and respectfully.

Ethical Culture

The values and behaviors within an organization that contribute to its moral atmosphere and ethical decision-making.

Holistic View

A comprehensive perspective that considers all factors, systems, and their interconnections.

RADAR Model

A framework for continuous improvement and effective decision-making which stands for Recognize, Assess, Develop, Activate, and Review.