Which of the Following Is the MOST Likely Effect of an Increase

question 240

Multiple Choice

Which of the following is the MOST likely effect of an increase in the price of flashlights upon the market for batteries?

• A) increased equilibrium price and decreased equilibrium quantity
• B) decreased equilibrium price and decreased equilibrium quantity
• C) increased equilibrium price and increased equilibrium quantity
• D) decreased equilibrium price and increased equilibrium quantity

Understand the key factors and outcomes of the post-WWII division and reconstruction of Europe.

Comprehend the origins, development, and impact of the Cold War on Europe and the global political landscape.

Identify the significant leaders and their policies in post-war Europe and the Soviet Union.

Analyze the role and significance of the Marshall Plan and the Truman Doctrine in Western Europe’s recovery and political stabilization.

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Definitions:

Inverse Relationship

A situation where two variables move in opposite directions, meaning when one variable increases, the other decreases, and vice versa.

Alban William Phillips

Alban William Phillips was a New Zealand economist best known for the Phillips Curve, which suggests a historical inverse relationship between rates of unemployment and corresponding rates of inflation.

Phillips Curve

An economic theory suggesting an inverse relationship between rates of unemployment and corresponding rates of inflation, indicating trade-offs between these two economic variables.

Rate of Unemployment

The segment of the labor force that is without a job and actively on the look out for employment opportunities.