Multiple Choice
Suppose supply decreases along a given demand curve.What would be expected to happen to equilibrium price and quantity?
A) An excess quantity demanded will be created, increasing the equilibrium price and causing equilibrium quantity to fall.
B) An excess quantity supplied will be created, lowering the equilibrium price and causing equilibrium quantity to rise.
C) An excess quantity demanded will be created, raising the equilibrium price and quantity.
D) An excess quantity supplied will be created, lowering the equilibrium price and quantity.
Correct Answer:
Verified
Correct Answer:
Verified
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