If the Supply of a Product Decreases by More Than

question 133

Multiple Choice

If the supply of a product decreases by more than the demand increases:

• A)​the price will rise and the quantity traded will fall.
• B)​the price will rise, but the quantity traded could either rise or fall.
• C)​the price will fall, but the quantity traded could either rise or fall.
• D)​the quantity traded will rise, but the price could either rise or fall.

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Definitions:

Personal Liberties

The rights and freedoms that protect individuals from excessive government control and allow participation in the political process.

Royal Authority

Refers to the power or right governing a country or territory vested in a king, queen, or monarchy.

Virtual Representation

A British political theory that members of Parliament represented all British subjects, including American colonists, regardless of whether they had directly elected their representatives.

Parliamentary Control

The mechanism by which a parliamentary system of government maintains oversight and authority over the executive branch, ensuring accountability and adherence to the law.