As a Result of an Increase in Both Supply and Demand

question 5

True/False

As a result of an increase in both supply and demand, the equilibrium price decreases while the equilibrium quantity increases.

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Definitions:

Materialism

A philosophical or societal focus on physical possessions and wealth as primary sources of happiness or success.

Empirical Science

A branch of science based on observation and experiment, rather than theory alone.

Dreams

Mental experiences that occur during sleep, often involving imaginary events that can be vivid and emotionally charged.

Repressed Animal Instincts

Psychologically hidden or suppressed basic primal urges or desires often considered to stem from the unconscious mind.