Multiple Choice
You are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product Xupon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X.Refer to the above.An increase in the prices of resources used to produce X will:
A) increase S, increase P, and increase Q.
B) increase D, increase P, and increase Q.
C) decrease S, decrease P, and decrease Q.
D) decrease S, increase P, and decrease Q.
Correct Answer:
Verified
Correct Answer:
Verified
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