An Increase in Equilibrium Price and a Decrease in Equilibrium

question 68

Multiple Choice

An increase in equilibrium price and a decrease in equilibrium quantity could be caused by a(n)

• A) increase in resource prices
• B) increase in demand
• C) increase in supply
• D) favorable shift in tastes and preferences
• E) improvement in production technology

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Definitions:

Robert Brown Elliott

A prominent African American politician and lawyer in the United States during the Reconstruction era.

Congressional Radicalism

Refers to a period during Reconstruction in the United States when the Radical Republicans in Congress implemented severe measures to protect the rights of newly freed African Americans and to reform Southern states.

Black Codes

Laws enacted in the southern United States after the Civil War, aimed at restricting African Americans' freedom and compelling them to work in a labor economy based on low wages or debt.

Presidential Reconstruction

The initial phase of reconstruction after the Civil War, led by Presidents Lincoln and Johnson, focusing on quickly reuniting the country with leniency towards the Southern states.