Refer to the graph shown. Given the quantity restriction of QR, a reduction in demand will:
A. have no impact on market price.
B. raise equilibrium price.
C. lower the market price.
D. raise equilibrium quantity.
Answer: C
Economics
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The income effect refers to a change in:
a. income because of changes in the CPI. b. the quantity demanded of a good because of a change in the buyer's real income. c. the quantity demanded of a good because of a change in the buyer's money income. d. none of these.
Economics
Which of the following provides the fuel for growth and achievement of high income levels?
a. gains from trade b. entrepreneurial discovery c. capital formation d. all of the above
Economics