If the demand and supply curves for a commodity both shift to the left and the shift in demand is less than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) the same price and quantity.
B) a higher price and quantity.
C) a higher price and a lower quantity.
D) a lower price and a higher quantity.
C
Economics
You might also like to view...
There are two types of costs associated with production: ____ costs that require monetary payments, and ____ costs that do not
a. implicit; accounting b. accounting; explicit c. implicit; explicit d. explicit; implicit
Economics
Developing infrastructure and ensuring that property rights will be protected can help a poor country grow more quickly according to de Soto's book The Other Path.
Answer the following statement true (T) or false (F)
Economics