Asked by
Mason Algren
on Dec 17, 2024
Verified
Which of the following would not increase in response to a decrease in the price of ironing boards?
A) The quantity of irons demanded at each possible price of irons
B) The equilibrium quantity of irons
C) The equilibrium price of irons
D) The quantity of irons supplied at each possible price of irons
Ironing Boards
Flat, foldable boards used as a stable surface for ironing clothes and linens.
Equilibrium Quantity
The quantity of goods or services supplied that is equal to the quantity demanded at a particular price level, reaching a state of market balance.
Equilibrium Price
The economic value where the quantity of goods brought to the market equals the quantity taken by consumers.
- Identify the factors stimulating changes in demand and supply curves, which modify equilibrium conditions.
- Gain insights into the effect that substitute and complementary goods have on market fluctuations.
Verified Answer
CB
Learning Objectives
- Identify the factors stimulating changes in demand and supply curves, which modify equilibrium conditions.
- Gain insights into the effect that substitute and complementary goods have on market fluctuations.