An Increase in Both Equilibrium Price and Quantity Is a Consequence

question 80

Multiple Choice

An increase in both equilibrium price and quantity is a consequence of:

• A)increase in supply.
• B)decrease in demand.
• C)increase in both demand and supply.
• D)increase in demand.

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Definitions:

Hedonism

A philosophical belief that pleasure or happiness is the highest good and primary motivation of human action.

Homeostasis

The self-regulating process by which biological systems tend to maintain stability while adjusting to conditions that are optimal for survival.

Drive

An internal psychological state that motivates an organism to satisfy a need or achieve a goal.

Feedback

Information provided about the result of a process or activity, used as a basis for improvement.