Given Generally Elastic Demand and Supply Curves for an Industry

question 58

Multiple Choice

Given generally elastic demand and supply curves for an industry, an INCREASE in supply will (all other things being equal) :

• A) lower price but not change quantity demanded.
• B) increase price and increase quantity demanded.
• C) increase price and decrease quantity demanded.
• D) lower price and increase quantity demanded.
• E) not change anything else.

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Definitions:

Umami

One of the five basic tastes, often described as savory or meaty, and is characteristic of foods containing glutamate.

Taste Sensations

The experiences or perceptions of taste, typically categorized into five basic tastes: sweet, sour, salty, bitter, and umami (savory).

Discovered

The act of finding something or someone that was previously unknown or hidden.

Myelinated Axons

Axons that are covered by a protective sheath called myelin, which increases the speed at which nerve impulses are conducted.