Multiple Choice
If both the supply of and the demand for a good decrease simultaneously, but the decrease in supply is greater than the decrease in demand, then the equilibrium price _____ and equilibrium output _____.
A) falls; falls
B) may rise, fall, or stay the same; falls
C) rises; falls
D) may rise, fall, or stay the same; rises
Correct Answer:
Verified
Correct Answer:
Verified
Q24: If a market is NOT at equilibrium<br>A)
Q25: Bus tickets are often considered _ goods
Q26: Which statement is NOT correct about markets?<br>A)
Q27: Taxes and subsidies, as well as prices
Q28: Economists use the term "price system" to
Q30: Prices typically contain useful information<br>A) for both
Q31: A decrease in the price of on-demand
Q32: Markets differ in<br>A) geographical location.<br>B) products offered.<br>C)
Q33: A _ occurs when price is above
Q34: The supply curve is a graph of