A decrease in the equilibrium price for a product will result
A) when there is a decrease in demand and a decrease in the number of firms producing the product.
B) when there is an increase in supply and a decrease in demand for the product.
C) when the quantity demanded for the product exceeds the quantity supplied.
D) when there is a decrease in supply and a decrease in demand for the product.
B
Economics
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What type of economic system is the United States economy based on?
a. cause and effect b. centralized c. market d. production
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Rents represent earnings that
a. exceed marginal cost b. are less than marginal revenue product c. are less than what producers would require to supply products d. exceed opportunity revenue e. exceed opportunity cost
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