Multiple Choice
Suppose the market for wheat is initially in equilibrium. In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?
A) if supply and demand both decline
B) if supply and demand both rise
C) if supply declines and demand rises
D) if supply rises and demand declines
E) if supply remains constant and demand rises
Correct Answer:
Verified
Correct Answer:
Verified
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