Which of the following is likely to result in a smaller equilibrium quantity exchanged?
a. An increase in both demand and supply

Which of the following shifts the demand for watches to the right?

a. a decrease in the price of watches b. a decrease in consumer incomes if watches are a normal good c. a decrease in the price of watch batteries if watch batteries and watches are complements d. an increase in the price of watches e. none of the above

Which of the following is true at the output level where average total cost is at its minimum?

A) Marginal cost equals average variable cost. B) Average variable cost equals fixed cost. C) Average total cost equals average fixed cost. D) Marginal cost equals average total cost.