An Increase in the Equilibrium Quantity of a Product Will

question 14

Multiple Choice

An increase in the equilibrium quantity of a product will result

• A)when the quantity of the product supplied exceeds the quantity demanded.
• B)when there is an increase in supply and an increase in demand for the product.
• C)when there is an increase in supply and a decrease in demand for the product.
• D)when there is an decrease in demand and a decrease in the cost of inputs used to make the product.

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Definitions:

Majority

The age at which a person is considered legally competent to consent to contracts and manage their own affairs; also, a quantity greater than half of a total.

Unanimous

Complete agreement or consent among all members or participants.

Partnership Agreement

A legal document that specifies the rights and obligations of partners within a business partnership.

Deceased Partner

A Deceased Partner is a member of a partnership who has passed away, raising considerations regarding the continuation or dissolution of the business under partnership laws.