If Consumers Are Willing to Pay a Higher Price Than

question 92

Multiple Choice

If consumers are willing to pay a higher price than previously for each level of output, we can say that there has occurred:

• A)a decrease in demand.
• B)an increase in demand.
• C)a decrease in supply.
• D)an increase in supply.

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Information that is widely known by many people and assumed to be true or familiar to the general public.