We cannot predict the effect on the market clearing price, but know that the equilibrium quantity will decrease when

A) supply increases and demand decreases
B) supply decreases and demand increases.
C) supply and demand for a product simultaneously decrease.
D) supply and demand for a product simultaneously increase.

Answer: C

Economics

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The economist who recognized that lags in policy can explain the difficulty in conducting monetary policy was

A) Adam Smith. B) John Nash. C) Milton Friedman. D) Joseph Schumpeter.

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An attempt should always be made to maximize opportunity cost.

a. true b. false

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