A decrease in the equilibrium price for a product will result
A) when the quantity demanded for the product exceeds the quantity supplied.
B) when there is a decrease in supply and a decrease in demand for the product.
C) when there is an increase in supply and a decrease in demand for the product.
D) when there is a decrease in demand and a decrease in the number of firms producing the product.
Answer: C
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For the world, what period of time experienced the fastest growth rate of real GDP per person?
A) between 1000 A.D. and 1500 A.D. B) around 500 B.C. C) after about 1850 A.D. D) around 400 A.D. E) between 1500 A.D. and 1850 A.D.
C = $5 million + 0.9(1 - 0.1)Y I = $7 million G = $6 million NX = $1 million Based on the above data, the equilibrium level of GDP is
A) $20.9 million. B) $23.5 million. C) $100 million. D) $111.8 million.