Asked by
Kaylee Rojas
on Dec 11, 2024
Verified
If we observe an increase in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
A) an increase in the supply of the good.
B) an increase in the demand for the good.
C) a decrease in the demand for the good.
D) a decrease in the supply of the good.
Supply
The total amount of a specific good or service available for purchase at any given time.
Demand
The desire of purchasers to buy a certain good or service, combined with their ability and willingness to pay for it.
Price
The monetary value assigned to a product or service for purchase.
- Comprehend the way variations in supply and demand influence market equilibrium levels and quantities.
Verified Answer
AK
Learning Objectives
- Comprehend the way variations in supply and demand influence market equilibrium levels and quantities.