Which of the Following Is Likely to Result in a Higher

question 36

Multiple Choice

Which of the following is likely to result in a higher equilibrium price?

• A)​An increase in both demand and supply.
• B)​A decrease in both demand and supply.
• C)​An increase in demand and a decrease in supply.
• D)​A decrease in demand and an increase in supply.

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Definitions:

Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Floor Wax

Floor wax is a cleaning and polishing product used to protect and enhance the appearance of floor surfaces.

Dish Soap

A liquid cleaner designed to break down grease and grime on dishes, allowing for easier washing and cleaning.

Diminishing Marginal Utility

The decrease in satisfaction or benefit from obtaining one more unit of a good or service as one consumes more of it.