Multiple Choice
Suppose demand decreases and supply decreases. Which of the following will happen?
A) Equilibrium price will rise, fall, or stay the same while equilibrium quantity will decrease.
B) Equilibrium price will rise, fall, or stay the same while equilibrium quantity will increase
C) Equilibrium quantity will rise, fall, or stay the same and equilibrium price will increase.
D) Equilibrium quantity will rise, fall, or stay the same while equilibrium price will decrease.
E) The change in equilibrium price and quantity cannot be determined.
Correct Answer:
Verified
Correct Answer:
Verified
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