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

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

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 21QP

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