Multiple Choice
If demand and supply both decrease
A) the equilibrium quantity definitely will decrease, and the market clearing price definitely will decrease.
B) the equilibrium quantity definitely will decrease, and the market clearing price definitely will increase.
C) the market clearing price definitely will decrease, but the change in the equilibrium quantity cannot be determined without more information.
D) the equilibrium quantity definitely will decrease, but the change in market clearing price cannot be determined without more information.
Correct Answer:
Verified
Correct Answer:
Verified
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