Along a Given Demand Curve, a Decrease in Supply Will

question 35

Multiple Choice

Along a given demand curve, a decrease in supply will typically

• A)decrease price, but the change in quantity could be in either direction
• B)increase price and decrease the quantity
• C)decrease price but leave quantity unchanged
• D)decrease both quantity and price
• E)increase both quantity and price

---

Definitions:

Virtues

are moral excellences or desirable traits that encompass qualities such as honesty, courage, compassion, and integrity, considered beneficial for individual character and societal harmony.

Ethical Knowledge

Understanding of moral principles and how they apply to one’s conduct.

Aristotle

An ancient Greek philosopher and scientist, whose works cover a wide range of subjects, including politics, metaphysics, ethics, and logic.

Empirical Approach

An empirical approach relies on observation, experimentation, and evidence rather than theory or pure logic to understand and analyze phenomena.