Say the supply of a product falls while the demand stays the same. This causes the free market ________
price to increase and equilibrium quantity to increase
price to increase and equilibrium quantity to decrease
price to decrease and equilibrium quantity to increase
price to decrease and equilibrium quantity to decrease
price to increase and equilibrium quantity to decrease
Economics
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The theory of competitive pricing
a. is an imperfect model of market performance. b. is a set of ideal conditions and outcomes. c. is ineffective when large swings in price occur. d. demonstrates the need for subsidies and price ceilings.
Economics
In Figure 1.3, A, B, and C, which depicts the existence of opportunity cost? 
A. Figure A B. Figure B C. Figure C D. All three figures show the existence of opportunity cost.
Economics