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A Competitive Market Is in Equilibrium

Question 111

Multiple Choice

A competitive market is in equilibrium.Then there is a decrease in demand and a decrease in supply.The equilibrium price ________,and the equilibrium quantity ________.


A) rises; decreases
B) perhaps changes but we can't say if it rises, falls, or stays the same; decreases
C) falls; increases
D) perhaps changes but we can't say if it rises, falls, or stays the same; increases
E) rises; increases

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