Multiple Choice
A decrease in the demand for incandescent light bulbs due to changes in consumer tastes, accompanied by a decrease in the supply of incandescent light bulbs as a result of government restrictions, will result in
A) a decrease in the equilibrium quantity of incandescent light bulbs and no change in the equilibrium price.
B) a decrease in the equilibrium price of incandescent light bulbs and no change in the equilibrium quantity.
C) a decrease in the equilibrium price of incandescent light bulbs; the equilibrium quantity may increase or decrease.
D) a decrease in the equilibrium quantity of incandescent light bulbs; the equilibrium price may increase or decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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