An Increase in Demand Causes

question 156

Multiple Choice

An increase in demand causes

• A) a surplus
• B) excess supply
• C) an increase in supply
• D) an increase in equilibrium price and equilibrium quantity
• E) an improvement in technology

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Definitions:

Open Systems

A system is open or closed to the degree that it can exchange information and energy with its environment. A more open system can adapt to environmental changes.

Closed Systems

A system is open or closed to the degree that it can exchange information and energy with its environment. A closed system cannot adapt to environmental changes and is more likely to move toward entropy.

Levels

Different stages or degrees in a hierarchy or process.

Dynamic Function

The ability or process within a system or entity to change or evolve over time in response to external and internal conditions.