Suppose Improvements in Technology Cause the Supply of Natural Gas

question 60

Multiple Choice

Suppose improvements in technology cause the supply of natural gas to increase and at the same time the demand for natural gas increases.What are we sure of?

• A) Both equilibrium price and quantity increase.
• B) Equilibrium price increases.
• C) Equilibrium price decreases.
• D) Equilibrium quantity increases.
• E) Equilibrium quantity decreases.

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Definitions:

Cohort Differences

Cohort differences refer to variations in characteristics, attitudes, or experiences among groups of individuals who were born around the same period.

Longitudinal Studies

Research designs that involve repeated observations or measurements of the same subjects over a period of time, often years or decades, to track changes and developments.

Cross-Sectional Studies

Research design to analyze data from a population, or a representative subset, at one specific point in time.

Social Clock

A societal timeline for the expected major life events and milestones of an individual.