A Rightward Shift in a Demand Curve and a Leftward

question 22

Multiple Choice

A rightward shift in a demand curve and a leftward shift in a supply curve both result in a

• A)Lower equilibrium price.
• B)Lower equilibrium quantity.
• C)Higher equilibrium price.
• D)Higher equilibrium quantity.

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Definitions:

Steelworkers

Individuals specialized in working with steel in various capacities, including manufacturing and construction, contributing to the production of steel products and infrastructures.

Quota

A limit set by a government on the amount of a particular product that can be imported or exported within a certain period.

Specified Amount

A specified amount refers to a particular or agreed sum of money or quantity of a resource or asset.

Tariff

A tariff is a tax imposed by a government on goods and services imported from other countries, used to restrict trade, as they increase the cost of imported goods and services, making them less competitive than domestic goods.