In which of the following statements are the terms demand, supply, quantity demanded, and/or quantity supplied used correctly?

Question

Quizplus · Accepted Answer

In statement A, the terms demand, supply, equilibrium price, and changes are used correctly.

Statement B is incorrect because a rise in demand does not necessarily lead to a rise in supply. The two are independent and can move in opposite directions.

Statement C is incorrect because it confuses the concepts of demand and price. The price of oranges may be lower in Florida due to higher supply, but this does not necessarily mean that the demand is greater in Florida.

Statement D is incorrect because it confuses the concepts of quantity demanded and equilibrium price. When the quantity demanded exceeds supply, the price will rise until it reaches a new equilibrium.

In Which of the Following Statements Are the Terms Demand