In Each of the Following Situations, List What Will Happen

question 239

Essay

In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good.
a.The population increases and the price of inputs increase.
b.The price of a complement increases and technology advances.
c.The number of firms in the market increases and income increases.
d.Price is expected to increase in the future.
e.Consumer preference increases and the price of a substitute in production decreases.

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Definitions:

Marcus Garvey

Marcus Garvey was a Jamaican political leader, publisher, journalist, entrepreneur, and orator who was a staunch proponent of the Black nationalism and Pan-Africanism movements in the early 20th century.

Booker T. Washington

An influential African American educator, author, and leader in the late 19th and early 20th centuries, known for advocating for vocational education and economic self-reliance for black people in the U.S.

W.E.B. Du Bois

An American sociologist, historian, and civil rights activist, known for his profound work on race, racism, and the African American experience in the early 20th century.

Malcolm X

An African-American Muslim minister and human rights activist known for his advocacy for the rights of blacks and his criticism of the civil rights movement for its emphasis on nonviolence.