In Year 1 the Price of Good X Is $10

question 203

Multiple Choice

In year 1 the price of good X is $10 and 100 units are bought and sold.In year 2 the price of good X is $13 and 230 units are bought and sold.What can explain this?

• A) The supply of good X was higher in year 2 than in year 1 and the demand for good X was the same in year 2 as in year 1.
• B) The demand for good X was higher in year 2 than in year 1 and the supply of good X was the same in year 2 as in year 1.
• C) Both the demand for,and supply of,good X were higher in year 2 than in year 1.
• D) b or c
• E) a,b,or c

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Definitions:

Adaptive Leadership

A leadership approach that emphasizes the ability of a leader to adapt to changing circumstances and to encourage flexibility and resilience among followers.

Flexible Leadership

A leadership style that allows for adaptability and responsiveness to changing circumstances, emphasizing the importance of being able to adjust one's approach as situations evolve.

Guideline

A set of recommended practices or instructions that provide direction or advice on how to proceed in a particular area or situation.

Low-Level Managers

Individuals who hold positions of authority at the lower tiers of an organization’s hierarchy, typically responsible for managing frontline employees and day-to-day operations.