Which of the following statements is true?
A) If both demand and supply increase there must be an increase in equilibrium price; equilibrium quantity may either increase or decrease.
B) An increase in demand causes a change in equilibrium price; the change in price does not cause a further change in demand or supply.
C) If demand decreases and supply increases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater.
D) A decrease in supply causes equilibrium price to rise; the increase in price then results in a decrease in demand.
B
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In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal social benefit per unit is
A) zero. B) $20 per unit. C) $50 per unit. D) $70 per unit.
The process by which new product or production methods are introduced is called the Industrial Revolution
a. True b. False Indicate whether the statement is true or false