Asked by
Jaycey Moore
on Dec 11, 2024
Verified
Which of the following is true of the interaction of supply and demand?
A) As the price increases, the quantity demanded and the quantity supplied will increase.
B) As the price increases, the quantity demanded and the quantity supplied will decrease.
C) As the price increases, the quantity demanded increases and the quantity supplied will decrease.
D) As the price increases, the quantity demanded will decrease and the quantity supplied will increase.
E) As the price increases, neither the quantity demanded nor quantity supplied will change.
Quantity Demanded
The overall quantity of a product or service that buyers are prepared and can afford to buy at a certain price point, during a specific period.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price over a specific time period.
Economic Interaction
Exchanges or transactions between agents in an economy, including individuals, businesses, and governments, that influence the allocation of resources.
- Acquire knowledge on how supply and demand are influenced by fluctuations in price.
Verified Answer
JS
Learning Objectives
- Acquire knowledge on how supply and demand are influenced by fluctuations in price.