Deck 3: Demand, supply, and Price

Question 1

In a market for a good or service,the quantities demanded and supplied are

A)both stock variables.
B)both flow variables.
C)a flow variable and a stock variable,respectively.
D)a stock variable and a flow variable,respectively.
E)neither stock nor flow variables.

Answer 1

both flow variables.

Question 2

Four of the five statements below contain a stock and a flow.Which statement describes ONLY stock variables OR flow variables?

A)Chris earns $1500 per month and has $4000 in his savings account at the bank.
B)Nancy spends $400 per month on her credit card and has a balance owing of $2567.
C)The Transit Authority of Mytown collects $22 000 in fares per day and has an operating budget of $2 million per year.
D)Country X spends an average of $1 million per year for flood relief and has an emergency services fund of $20 million.
E)The Canadian Federal government has a debt of approximately $450 billion and an annual deficit of over $25 billion dollars.

Answer 2

The Transit Authority of Mytown collects $22 000 in fares per day and has an operating budget of $2 million per year.

Question 3

A normal good is one

A)that everyone normally consumes.
B)that normal people consume.
C)for which demand varies directly with household income.
D)for which demand varies inversely with household income.
E)for which demand does not vary with household income.

Answer 3

for which demand varies directly with household income.

Question 4

Which of the following best defines quantity demanded?

A)The amount an individual purchases at its current price.
B)The amount an individual purchases at his or her current income.
C)The amount,per time period,that is desired at the most recent price.
D)The amount,per time period,an individual desires to purchase at any given price.
E)The various amounts that all individuals desire at all relevant prices.

Question 5

Ceteris paribus means

A)other things being equal.
B)and so forth.
C)knowledge gained before the study of evidence is made.
D)among other things.
E)in a historical context.

Question 6

The term ʺquantity demandedʺ refers to the

A)total amount of a good that is actually purchased during a given period of time.
B)entire relationship between desired purchases and possible prices.
C)total amount of a good that purchasers wish to purchase at a given price during a given period of time.
D)product of advertising,and is unrelated to price.
E)total amount of a good that people wish to buy,regardless of price.

Question 7

To say that the demand curve for movies is negatively sloped means that

A)less quantity will be demanded at lower prices.
B)less quantity will be demanded as preferences change.
C)less quantity will be demanded at higher prices.
D)more quantity will be demanded as consumersʹ income increases.
E)less quantity will be demanded at the same price.

Question 8

A demand curve represents graphically

A)a functional statement of the income-quantity relationship.
B)the timeless relationship between quantity demanded and price.
C)the quantity demanded per unit of time at various prices.
D)the available quantities at all possible prices for the product.
E)quantity demanded.

Question 9

A demand curve is a representation of the relationship,ceteris paribus,between quantity demanded and

A)supply.
B)wealth.
C)price.
D)income.
E)preferences.

Question 10

The ʺlaw of demandʺ describes

A)an inverse relationship between the price of a good and the quantity of the good demanded per unit of time,other things being equal.
B)a positive relationship between the price of a good and the quantity of the good demanded per unit of time,ceteris paribus.
C)an inverse relationship between the price of a good and the demand for the good,per unit of time.
D)a direct relationship between the price of a good and the demand for the good.
E)any relationship between quantity demanded and demand for a good.

Question 11

A change in demand is said to take place when there is a

A)movement along the demand curve.
B)shift of the demand curve.
C)shift of the supply curve.
D)price change.
E)quantity change.

Question 12

Which statement best describes a ʺdemand scheduleʺ?

A)a functional statement of the demand relationship
B)a graph showing the inverse relationship between quantity demanded and price
C)a numerical tabulation showing the quantities demanded at various prices
D)a timetable showing the quantity demanded at different time periods
E)an abstract concept underlying the graph of a demand curve

Question 13

An important assumption underlying a demand schedule is that

A)quantity demanded and demand mean the same thing.
B)everything else except the productʹs price is being held constant.
C)the numbers are not important; the general relationship between the variables is.
D)household tastes rarely change.
E)income has little significance to household demand.

Question 14

For a given commodity,quantity demanded can be represented by

A)a demand curve.
B)a demand schedule.
C)a point on a demand curve.
D)the money value of the stock of the commodity held by households.
E)the price on the vertical axis.

Question 15

The ʺlaw of demandʺ hypothesizes that,other things being equal,

A)the lower the price,the greater the demand.
B)price and demand vary inversely.
C)the higher the price,the lower the quantity demanded.
D)the higher the income,the higher the quantity demanded.
E)price and quantity demanded are positively related.

Question 16

What is an inferior good?

A)a good that everyone normally consumes
B)a good that inferior people consume
C)a good for which demand varies directly with household income
D)a good for which demand varies inversely with household income
E)a good for which demand does not vary with household income

Question 17

A variable that is a ʺstockʺ

A)is measured per unit of time.
B)has meaning only at a point in time.
C)has only to do with products where inventory is kept.
D)has the same units as a flow variable.
E)is used only in accounting.

Question 18

Which statement best describes a demand curve?

A)a functional statement of the demand relationship
B)a numerical table showing the inverse relationship between quantity demanded and price,other things being equal
C)a graph showing the relationship between quantity demanded and the price of a commodity,other things being equal
D)a timetable showing the quantity demanded at different time periods
E)an abstract concept underlying the graph of a demand curve

Question 19

Which statement best describes the ʺlaw of demandʺ? Other things being equal,the quantity of tennis rackets demanded will be greater if the

A)incomes of tennis players are higher.
B)price of tennis rackets is lower.
C)price of badminton rackets is higher.
D)number of tennis players is higher.
E)demand for tennis rackets rises.

Question 20

The time period to which quantity demanded refers when constructing demand curves is

A)a moment in time.
B)a long period of time.
C)one year.
D)any specified time period.
E)a period shorter than one year.

Question 21

In which statement is the term ʺdemandʺ used correctly? (1)An increase in the price of eggs will lead to a decrease in the demand for eggs.(2)An increase in the price of eggs will lead to a decrease in the demand for bacon.

A)neither statement
B)the first statement only
C)the second statement only
D)both statements
E)more information is needed

Question 22

Cars and gasoline are likely to be

A)complementary goods.
B)substitute goods.
C)independent goods.
D)inferior goods.
E)luxury goods.

Question 23

In which statement is the term ʺdemandʺ used correctly? (1)An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper).(2)An increase in the price of aluminum will lead to a decrease in quantity demanded of aluminum.

A)neither statement
B)the first statement only
C)the second statement only
D)both statements
E)more information is needed

Question 24

If goods X and Y are substitutes and the price of X falls,all other things being equal,the demand curve for Y will

A)shift to the left.
B)shift to the right.
C)not shift at all.
D)be indeterminate.

Question 25

If the price of tea falls and as a consequence the demand for sugar rises,then tea and sugar are

A)substitute goods.
B)complementary goods.
C)luxury goods.
D)neutral goods.
E)independent goods.

Question 26

When deriving the market demand curve for a commodity,the only variable(s)that can change is (are)the

A)price of a related commodity.
B)income of consumers.
C)quantity of the commodity demanded.
D)price of the commodity.
E)both C and D.

Question 27

Which of the following pairs of goods are likely to be complements for a large group of consumers?

A)televisions and radios
B)cars and trucks
C)tea and coffee
D)e-readers and e-books
E)tents and tent-trailers

Question 28

Consider butter and margarine,which are substitutes.When the price of butter falls,the demand curve for margarine is likely to

A)shift to the right.
B)shift to the left.
C)remain stationary.
D)remain stationary,although its price will fall.
E)remain stationary,although its price will rise.

Question 29

If goods X and Y are complements and the price of X falls,all other things being equal,the demand curve for Y will

A)shift to the left.
B)shift to the right.
C)not shift at all.
D)unable to determine.

Question 30

A change in which of the following variables will result in NO change in the demand for a given commodity?

A)average household income
B)the distribution of income
C)population
D)tastes in favour of the commodity
E)the price of the commodity

Question 31

A variable that is assumed to be constant along an individualʹs demand curve for good X is the

A)price of good X.
B)quantity of X demanded per unit of time.
C)price of a substitute good,Y.
D)amount of X the individual wishes to purchase.
E)consumerʹs real purchasing power.

Question 32

In which statement is the term ʺdemandʺ used correctly? (1)A decrease in the price of airline tickets led to an increase in quantity demanded for airline tickets.(2)A decrease in the price of airline tickets led to an increase in the demand for airline tickets.

A)neither statement
B)the first statement only
C)the second statement only
D)both statements
E)more information is needed

Question 33

Consider cars and gasoline.Other things being equal,when the price of cars decreases,the demand for gasoline is likely to

A)remain unchanged because cars and gasoline are produced independently of one another.
B)decrease because the two goods are complements.
C)remain unchanged.
D)increase because the two goods are complements.
E)remain unchanged because cars and gasoline are two distinct markets.

Question 34

If tastes change so that a particular style of boots is now considered more appealing,the likely result is

A)a shift in the demand curve to the right.
B)a shift in the demand curve to the left.
C)a movement down the demand curve.
D)a movement up the demand curve.
E)no change in the demand curve.

Question 35

Ceteris paribus,the position of the demand curve for apples will remain unchanged if there is a change in the

A)income of apple eaters.
B)price of apples.
C)hourly wage rate of most workers.
D)price of pears.
E)knowledge regarding the health benefits of eating fresh fruit.

Question 36

ʺDemandʺ in a particular market refers to

A)only the quantity demanded by households at current market prices.
B)the quantity purchased at the current market price.
C)the quantity that is desired but not satisfied by current supply.
D)the entire relationship between quantity demanded and price.
E)the relationship between demand and supply.

Question 37

Goods X and Y are defined to be substitutes in consumption if

A)the supply of Y varies inversely with the price of X.
B)the two goods are virtually the same.
C)the supply of Y varies directly with the price of X.
D)the demand for Y varies directly with the price of X.
E)the demand for Y varies inversely with the price of X.

Question 38

In which statement is the term ʺdemandʺ used correctly? (1)An increase in the price of copper will lead to a decrease in the demand for copper.(2)An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper).

A)neither statement
B)the first statement only
C)the second statement only
D)both statements
E)more information is needed

Question 39

Which of the following would cause a movement along the demand curve for ski-lift tickets,other things being equal?

A)a change in tastes in favour of skiing
B)an increase in price as the supply curve for lift tickets shifts to the left
C)a rise in the price of ski boots and skis
D)a rise in average household income
E)an increase in population

Question 40

Which of the following pairs of goods are likely to be substitutes for a large group of consumers?

A)eggs and toast
B)coffee and cream
C)green beans and peas
D)wieners and buns
E)pancakes and syrup

Question 41

A ʺdecrease in supplyʺ refers to which of the following?

A)the likely result from a decrease in the price of a factor of production
B)a downward movement along a supply curve
C)a decrease in quantity supplied
D)a leftward shift in the supply curve
E)a drop in the quantity actually exchanged

Question 42

A fall in the price of raw milk (which is used in the production of ice cream)will

A)decrease the supply of ice cream,causing the supply curve of ice cream to shift to the left.
B)increase the supply of ice cream,causing the supply curve of ice cream to shift to the right.
C)decrease the supply of ice cream,causing the supply curve to shift to the right.
D)have no effect on the supply curve of ice cream but cause a downward movement along the supply curve of ice cream.
E)increase the supply of ice cream,causing the supply curve to shift to the left.

Question 43

Which of the following events would result in a change in the quantity demanded for some commodity but NOT a change in the demand for that commodity?

A)a change in average household income
B)a change in the distribution of income
C)a change in population
D)a change in tastes in favour of the commodity
E)a change in the price of the commodity

Question 44

The term ʺquantity suppliedʺ is the amount of a commodity that

A)firms wish to sell at a given price during a given period of time.
B)firms actually sell during a given period of time at a given price.
C)households wish firms would sell during a given period of time at a given price.
D)is exchanged between firms and consumers during a given period of time at a given price.
E)is supplied at a fair market price.

Question 45

Suppose the demand curves for goods A,B,and C have the following functional forms,where Q denotes quantity demanded,P denotes price,and M denotes income: QA = 120 - 3.5PA - 6PB + 14M QB = 100 - 2PB + 3PC + 1.1M QC = 1500 - 0.5PC - 300M.
Based on these demand curves,which of the following goods are known to be inferior goods?

A)A
B)B
C)C
D)A and B only
E)A,B and C

Question 46

A rightward shift in the supply curve indicates

A)a decrease in the quantity supplied at each price.
B)that an increase in income results in an increase in the quantity demanded at each price.
C)that more is demanded at each price.
D)an increase in the quantity supplied at each price.
E)a shift in the demand curve also (because demand must equal supply).

Question 47

Quantity demanded is a flow variable,which means that it must be expressed

A)as so much at a specific moment in time.
B)in units of the good per day.
C)in units of the good per week.
D)in units of the good per year.
E)in units of the good per period of time.

Question 48

An improvement in the technology used to produce solar panels will

A)lead to a leftward shift in the supply curve.
B)lead to a leftward shift of the demand curve.
C)lead to a rightward shift of the demand curve.
D)have no effect on the supply curve for solar panels.
E)lead to a rightward shift in the supply curve.

Question 49

The term ʺsupplyʺ in a particular market refers to

A)the particular quantity supplied at the moment.
B)only one point on the supply curve.
C)only one entry in a supply schedule.
D)the entire relationship between quantity supplied and price.
E)the quantity actually sold to consumers.

Question 50

Suppose that some resource X is necessary to produce some good Y.If the price of X falls

A)the supply curve of resource X shifts to the left.
B)the supply curve of good Y shifts to the right.
C)the supply curve of good Y is unaffected.
D)there is a movement along the supply curve of good Y.
E)the demand curve for X shifts to the right.

Question 51

Economists say there has been a change in demand when there is

A)a movement along the demand curve.
B)a shift of the demand curve.
C)a shift of the supply curve.
D)a price change.
E)a quantity change.

Question 52

Suppose that many coal mines are shut for environmental reasons.This will cause

A)an increase in the supply of coal (a rightward shift of the supply curve).
B)a decrease in the supply of coal (a leftward shift of the supply curve).
C)a movement up the supply curve.
D)a movement down the supply curve.
E)no change in the supply curve,only a change in price.

Question 53

Suppose there is a decrease in the quantity supplied of copper at each price.This change would imply

A)a shift to the left of the supply curve.
B)a shift to the right of the supply curve.
C)a movement up the supply curve.
D)a movement down the supply curve.

Question 54

The positive slope of a supply curve indicates that

A)as price goes up,quantity supplied will decrease.
B)consumers will want to buy less at higher prices.
C)as price goes up,quantity supplied will increase.
D)if the costs of production increase,the quantity supplied will increase.
E)as price goes up,quantity supplied will remain constant.

Question 55

Suppose that a newer way to produce a good is discovered,which reduces production costs for the good.This will cause

A)no change in the supply curve,only a change in price.
B)a decrease in supply (a leftward shift of the supply curve).
C)a movement up the supply curve.
D)a movement down the supply curve.
E)an increase in supply (a rightward shift of the supply curve).

Question 56

To say that the supply curve is positively sloped means that

A)as price goes up,quantity supplied will decrease.
B)households will want to buy less at higher prices.
C)as price goes up,quantity supplied will increase.
D)if the costs of production increase,the quantity supplied will have to increase also.
E)as price goes up,quantity supplied will remain constant.

Question 57

Suppose new medical research suggests that consuming 200 grams of tofu everyday helps to prevent heart disease.Widespread knowledge of this research,other things being equal,is likely to have what impact on the market for tofu?

A)shift the whole demand curve to the right
B)shift the whole demand curve to the left
C)movement along the demand curve to the right
D)movement along the demand curve to the left
E)there would likely be no effect

Question 58

Which of the following events would cause a change in the quantity supplied of some agricultural commodity but would not cause a change in the supply of that same commodity?

A)a change in factor costs
B)a technological change
C)a change in the price of the commodity
D)a change in the number of suppliers of the commodity
E)a change in the price of substitute goods

Question 59

The market supply curve for wooden shipping crates would shift to the right

A)if a government subsidy for shipping crates is withdrawn.
B)if the prices of inputs fall.
C)if a tax is applied to shipping crates.
D)if suppliers leave the industry.
E)if technological conditions for the production of crates deteriorates.

Question 60

Suppose the demand curves for goods A,B,and C have the following functional forms,where Q denotes quantity demanded,P denotes price,and M denotes income: QA = 120 - 3.5PA - 6PB + 14M QB = 100 - 2PB + 3PC + 1.1M QC = 1500 - 0.5PC - 300M.
Based on these demand curves,which of the following goods are known to be normal goods?

A)A
B)B
C)C
D)A and B only
E)A,B and C

Question 61

A leftward shift in the supply curve indicates

A)a decrease in the quantity supplied at each price.
B)that an increase in income results in an increase in the quantity demanded at each price.
C)that more is demanded at each price.
D)an increase in the quantity supplied at each price.
E)that more suppliers have entered the industry.

Question 62

Consider the global market for barley,an agricultural commodity.Suppose that in August,2014,the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes.In August,2015,the equilibrium price and quantity were P = $168 per tonne and Q = 290 million tonnes.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been an increase in demand for barley.
B)There has been an increase in supply of barley.
C)There has been a simultaneous increase in demand and increase in supply of barley.
D)There has been a decrease in supply of barley.

Question 63

Suppose we observe that movie theatre prices are less during the daytime than in the evening.If the supply of movies does not change between daytime and evening,then the most likely explanation for this difference in price is

A)the evening demand curve is to the left of the daytime demand curve.
B)the evening demand curve is to the right of the daytime demand curve.
C)the evening supply curve is to the left of the daytime supply curve.
D)the evening supply curve is to the right of the daytime supply curve.

Question 64

Consider the global market for barley,an agricultural commodity.Suppose that in August,2014,the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes.In August,2015,the equilibrium price and quantity were P = $150 per tonne and Q = 410 million tonnes.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been a decrease in supply of barley.
B)There has been an increase in demand for barley.
C)There has been a simultaneous increase in demand and increase in supply of barley.
D)There has been a simultaneous increase in demand and decrease in supply of barley.
E)There has been a decrease in demand for barley.

Question 65

If a demand curve and a supply curve can be stated functionally as Qd = 100 - 5P; and Qs = 90 + 5P,respectively,then the equilibrium quantity and price (Q,P)would be

A)95; 1.
B)1; 95.
C)190; 1.
D)95; 10.
E)190; 10.

Question 66

Consider the global market for barley,an agricultural commodity.Suppose that in August,2014,the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes.In August,2015,the equilibrium price and quantity were P = $159 per tonne and Q = 372 million tonnes.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been an increase in demand for barley.
B)There has been an increase in supply of barley.
C)There has been a simultaneous decrease in demand and increase in supply of barley.
D)There has been a decrease in supply of barley.

Question 67

Consider the global market for some mineral,X.In January,2014,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2016,the equilibrium price and quantity were P = $45 per unit and Q = 175 million units.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been a decrease in supply of mineral X.
B)There has been an increase in demand for mineral X.
C)There has been an increase in supply of mineral X.
D)There has been a decrease in demand for mineral X.
E)There has been a simultaneous decrease in demand for,and increase in supply of,mineral X.

Question 68

Consider the global market for some mineral,X.In January,2014,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2016,the equilibrium price and quantity were P = $27 per unit and Q = 175 million units.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been a simultaneous increase in demand for,and increase in supply of,mineral X.
B)There has been an increase in demand for mineral X.
C)There has been an increase in quantity demanded for mineral X.
D)There has been an increase in supply of mineral X.
E)There has been an increase in quantity supplied of mineral X.

Question 69

Suppose that supply for some good increases and that simultaneously the demand for the same good decreases.The result would be

A)a decrease in P and an indeterminate change in Q.
B)a decrease in Q and an indeterminate change in P.
C)an increase in Q and a decrease in P.
D)an increase in Q and an increase in P.
E)no change in either P or Q.

Question 70

Consider the global market for barley,an agricultural commodity.Suppose that in August,2014,the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes.In August,2015,the equilibrium price and quantity were P = $142 per tonne and Q = 335 million tonnes.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been an increase in supply of barley.
B)There has been a decrease in supply of barley.
C)There has been a simultaneous increase in demand and increase in supply of barley.
D)There has been a decrease in demand for barley.
E)There has been an increase in demand for barley.

Question 71

Consider the global market for barley,an agricultural commodity.Suppose that in August,2014,the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes.In August,2015,the equilibrium price and quantity were P = $140 per tonne and Q = 325 million tonnes.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been an increase in supply of barley.
B)There has been a decrease in supply of barley.
C)There has been a simultaneous increase in demand and increase in supply of barley.
D)There has been a decrease in demand for barley.
E)There has been an increase in demand for barley.

Question 72

A fall in the price of potatoes,which are used in the production of french fries,will

A)lead to a decrease in the supply of french fries,causing the supply curve of french fries to shift to the left.
B)lead to an increase in the supply of french fries,causing the supply curve of french fries to shift to the right.
C)have no effect on the supply of french fries.
D)have no effect on the supply of french fries but cause a movement along the supply curve of french fries.
E)lead to a decrease in the demand for french fries.

Question 73

An increase in the number of firms wanting to provide accounting services will cause a ________ for accounting services.

A)leftward shift in the supply curve
B)rightward shift in the demand curve
C)leftward shift in the demand curve
D)rightward shift in the supply curve
E)simultaneous shift of both the demand and supply curves

Question 74

Given a positively sloped supply curve,when market demand increases

A)the new equilibrium will have a lower price and a greater quantity.
B)the new equilibrium will have a lower price and a smaller quantity.
C)the new equilibrium will have a higher price and a smaller quantity.
D)the new equilibrium will have a higher price and a larger quantity.
E)the new equilibrium will have the same price and larger quantity.

Question 75

Consider the global market for barley,an agricultural commodity.Suppose that in August,2014,the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes.In August,2015,the equilibrium price and quantity were P = $168 per tonne and Q = 350 million tonnes.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been an increase in demand for barley.
B)There has been a decrease in supply of barley.
C)There has been a decrease in demand for barley.
D)There has been a simultaneous decrease in demand and increase in supply of barley.
E)There has been a simultaneous increase in demand and decrease in supply of barley.

Question 76

In which statement is the term ʺsupplyʺ used correctly? (1)An increase in the price of copper will lead to an increase in the quantity supplied of copper.(2)An increase in the price of copper will lead to an increase in the supply of copper.

A)neither statement
B)the first statement only
C)the second statement only
D)both statements
E)more information is needed

Question 77

In which statement is the term ʺsupplyʺ used correctly? (1)An increase in the price of leather will cause a decrease in the supply of leather.(2)An increase in the price of leather will cause a decrease in the supply of leather boots.

A)the second statement only
B)neither statement
C)the first statement only
D)both statements
E)not enough information to tell

Question 78

In which statement is the term ʺsupplyʺ used correctly? (1)An increase in the number of suppliers of copper will lead to an increase in the supply of copper.(2)An increase in the number of suppliers of copper will likely lead to a decrease in the quantity supplied of copper.

A)neither statement
B)the first statement only
C)the second statement only
D)both statements
E)more information is needed

Question 79

The supply for some good or service will decrease if

A)technology improves.
B)the prices of inputs fall.
C)the prices of inputs increase.
D)technology improves and the price of inputs falls.
E)more suppliers enter the industry.

Question 80

Consider the global market for some mineral,X.In January,2014,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2016,the equilibrium price and quantity were P = $35 per unit and Q = 110 million units.Which of the following is the best possible explanation for this change in market equilibrium?

A)There has been an increase in demand for mineral X.
B)There has been a decrease in supply of mineral X.
C)There has been a decrease in global demand for mineral X.
D)There has been a simultaneous increase in demand and increase in supply for mineral X.
E)there has been a simultaneous increase in supply and decrease in demand for mineral X.