If We Observe a Rise in the Equilibrium Price of Product

question 63

Multiple Choice

If we observe a rise in the equilibrium price of product A, we know that either the demand for A has

• A) increased or the supply of A decreased or both.
• B) increased or the supply of A increased or both.
• C) decreased or the supply of A increased or both.
• D) decreased or the supply of A decreased or both.
• E) none of the above.

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Definitions:

Neolithic Transition

The period marking the shift from hunting and gathering communities to agricultural and settlement societies, bringing about significant changes in human lifestyle and culture.

Mammoths

Extinct large mammals closely related to modern elephants, lived in various parts of the world during the Ice Age, known for their long tusks and woolly coats.

Edible Parts

Those portions of a plant or animal that can be consumed as food by humans.