Consider a market that is initially in equilibrium. If we observe that price increased and quantity decreased, then which of the following could have occurred?
a. demand increased
b. supply increased
c. supply decreased
d. demand decreased
e. both demand and supply increased
C
Economics
You might also like to view...
How would the economy of Canada be likely to be characterized?
a) free market b) centrally planned c) mixed, but on the side of centrally planned d) mixed, but on the side of free marker
Economics
How could a manager use the information contained in this regression equation?
What will be an ideal response?
Economics