Multiple Choice
A competitive market is in equilibrium. Then there is a decrease in demand and a decrease in supply. The equilibrium price ________, and the equilibrium quantity ________.
A) rises; decreases
B) perhaps changes but we can't say if it rises, falls or stays the same; decreases
C) falls; increases
D) rises; increases
E) perhaps changes but we can't say if it rises, falls or stays the same; increases
Correct Answer:
Verified
Correct Answer:
Verified
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