Multiple Choice
Assume that supply decreases slightly and demand decreases greatly. Which of the following will happen?
A) Equilibrium price will fall and equilibrium quantity will rise.
B) Equilibrium price will rise and equilibrium quantity will fall.
C) Equilibrium price will rise and equilibrium quantity will rise.
D) Equilibrium price will fall and equilibrium quantity will fall.
E) Neither equilibrium price nor equilibrium quantity will change.
Correct Answer:
Verified
Correct Answer:
Verified
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