Multiple Choice
Suppose a competitive market has a downward-sloping demand curve and a horizontal supply curve.If the supply curve shifts downward,equilibrium price will _____,equilibrium quantity will _____,consumer surplus will _____,and producer surplus will _____.
A) decrease;increase;increase;decrease
B) decrease;decrease;increase;not change
C) decrease;increase;increase;not change
D) decrease;increase;not change;increase
Correct Answer:
Verified
Correct Answer:
Verified
Q205: Along a given supply curve,an increase in
Q206: Gehrig is willing to pay $90 for
Q207: Economic signals:<br>A)result in shortages and surpluses.<br>B)interfere with
Q208: Producer surplus for an individual seller is
Q209: If the demand curve for ice cream
Q211: If the market for smartphones is initially
Q212: Use the following to answer question: <img
Q213: Efficiency exists when there is no way
Q214: If the price of a good rises
Q215: Use the following to answer question: <img