In the Market for Tacos,a Normal Good,you Observe That the Equilibrium

question 190

Multiple Choice

In the market for tacos,a normal good,you observe that the equilibrium price and quantity have increased.This can be caused only by:

• A)an increase in the price of beef.
• B)an increase in the wages of taco shop workers.
• C)fewer taco shops.
• D)an increase in the incomes of people who eat tacos.

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Definitions:

Money

A medium of exchange in the form of coins and banknotes; used to facilitate the sale, purchase, or trade of goods and services.

Negative Reinforcement

A behavioral principle where the removal of an unfavorable outcome or stimulus increases the likelihood of a behavior being repeated in the future.

Removal

The act of taking away or eliminating something from a particular place or context.

Event

An event or incident, particularly one that is significant.