If both supply and demand decrease, which of the following happens?
a. The equilibrium quantity increases.
b. The equilibrium price and the equilibrium quantity increase.
c. The equilibrium price and the equilibrium quantity decrease.
d. The equilibrium price decreases and the equilibrium quantity is indeterminate.
e. The equilibrium quantity decreases and the equilibrium price change is indeterminate.
E
You might also like to view...
The regulatory lag:
A) always benefits the regulated firm. B) is likely to occur with rate-of-return regulation. C) promotes economic efficiency. D) all of the above
Jennifer takes 2 hours to make a loaf of bread and 1 hour to make a dozen cookies. Janet takes 3 hours to make a loaf of bread and 3/4 hours to make a dozen cookies. Who, if either, has an absolute advantage baking bread? Who, if either, has an absolute advantage making cookies?