If the Supply of a Product Decreases and Demand Increases

question 122

True/False

If the supply of a product decreases and demand increases, the equilibrium price and quantity will increase.

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Definitions:

Discretionary Fine

A penalty imposed by a person in authority, who has the discretion to determine both the necessity and the amount of the fine.

Substantial Probability

means a significant likelihood of an event occurring, used in various contexts to assess risks or outcomes.

Serious Physical Harm

Significant or severe injury to the body that can result in lasting physical damage or impairment.

Standard Precautions

A set of infection control practices used to prevent transmission of diseases that can be acquired by contact with blood, body fluids, non-intact skin, and mucous membranes.