Think of it like this. If you could get a new cell phone for ten bucks, you'd want it, right? In fact, pretty much EVERYONE would want it. This means the quantity demanded will be high: more people want it. BUT, if it goes up to $1,000, I bet you wouldn't want it that badly! The quantity demanded will go down, because less people want to buy it. It's the same thing with the chocolate bar. Since the price goes up, the quantity demanded will go DOWN, because less people want to buy it now that it's more expensive. The student's answer is incorrect.
Answer: The student's answer is incorrect. Since the price goes up, the quantity demanded will go down.
Court of appeals of virginia
Answer:
stamp act
continental congress
declaration
treaty of Paris (there are a few so it depends which one.)
Answer:
Regardless of the cause, we see in Figure 3.6b that a price above equilibrium will result in quantity supplied being greater than quantity demanded. This excess supply is also known as a surplus.
Explanation:
Hope it helps!
