An Increase in the Demand for LED Light Bulbs Due

question 38

Multiple Choice

An increase in the demand for LED light bulbs due to changes in consumer tastes,accompanied by an increase in the supply of LED light bulbs as a result of government subsidies,will result in

• A)an increase in the equilibrium quantity of LED light bulbs and no change in the equilibrium price.
• B)an increase in the equilibrium price of LED light bulbs and no change in the equilibrium quantity.
• C)an increase in the equilibrium price of LED light bulbs; the equilibrium quantity may increase or decrease.
• D)an increase in the equilibrium quantity of LED light bulbs; the equilibrium price may increase or decrease.

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Definitions:

Negligence Claim

A legal action taken when a person suffers harm due to another's failure to take reasonable care to prevent such harm.

Duty of Care

A legal obligation imposed on an individual requiring adherence to a standard of reasonable care while performing acts that could harm others.

Monetary Damages

Financial compensation awarded in court to indemnify harm or loss suffered by an individual or entity.

Negligence Per Se

A legal doctrine where an act is considered negligent because it violates a statute or regulation that is designed to protect the public.