A Simultaneous Increase in Demand and Decrease in Supply Would

question 106

Multiple Choice

A simultaneous increase in demand and decrease in supply would lead to:

• A)​An increase in the equilibrium price and a decrease in the quantity sold.
• B)​An increase in both the equilibrium price and the quantity sold.
• C)​A decrease in both the equilibrium price and the quantity sold.
• D)​An uncertain effect on the equilibrium quantity but an increase in the equilibrium price.

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Definitions:

Agriculture

The science, art, and practice of cultivating the soil, growing crops, and raising livestock.

Biomes

Large naturally occurring communities of flora and fauna occupying major habitats, like forests, deserts, and tundras.

Converted

Changed or transformed in form, character, or function.

Overriding Climate

A dominant climate condition or change that has a significant impact on environmental and societal patterns over a wide area.