Which of the Following Statements Is True

question 55

Multiple Choice

Which of the following statements is true?

• A)An increase in demand causes an increase in equilibrium price;the increase in price causes supply to increase.
• B)A decrease in supply causes equilibrium price to rise;the increase in price then results in a decrease in quantity demanded.
• C)If both demand and supply decrease,there must be a decrease in equilibrium price;equilibrium quantity may either increase or decrease.
• D)If demand increases and supply decreases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater.

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Definitions:

Robert Merton

An American sociologist known for his theories on social structure, social functions, and the sociology of science.

Functionalist Approach

An approach in sociology that emphasizes the way in which the parts of a society are structured to maintain its stability and functionality.

Middle-Range

Theories or concepts that are neither too abstract nor too specific, aiming to connect empirical data and large-scale theories effectively.

George Ritzer

A sociologist known for his work on globalization, consumerism, and the McDonaldization of society.