Suppose that both the supply of iPads and the demand for iPads decrease. One can predict that the:
A. equilibrium price and quantity will rise.
B. equilibrium price and quantity will fall.
C. equilibrium price will rise, but the change in equilibrium quantity is uncertain.
D. equilibrium quantity will fall, but the change in equilibrium price is uncertain.
Answer: D
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The marginal revenue product is
A) the change in total output resulting from a one-unit change in variable output. B) the change in marginal output resulting from a one-unit change in variable input. C) the change in total revenue resulting from a one-unit change in variable input. D) the change in marginal revenue resulting from a one-unit change in variable input.
The gold standard established fixed exchange rates among all countries.
Answer the following statement true (T) or false (F)