Multiple Choice
If supply decreases, ceteris paribus, market price will be ______ at the new equilibrium point.
A) higher
B) lower
C) the same
D) either higher or lower
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q25: Suppose there is an increase in demand
Q26: If there is a surplus of a
Q27: There is a positive relationship between price
Q28: The sum of consumer and producer surplus
Q29: When a market is competitive:<br>A) buyers compete
Q31: Use the following to answer questions:<br>Figure: Price
Q32: The United Nations estimates that Earth's population
Q33: A demand curve shows the relationship between:<br>A)
Q34: The formation of the Organization of the
Q35: If hipsters decide that Pabst Blue Ribbon