Suppose demand decreases and supply decreases. Which of the following will happen?
a. equilibrium price will increase
b. equilibrium price will decrease
c. equilibrium quantity will increase
d. equilibrium quantity will decrease
e. neither the equilibrium price nor the quantity will change
D
Economics
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The cost incurred from the production of an additional unit of a product
A) is called a loss. B) is called opportunity cost. C) must be zero for a firm to be efficient. D) is a marginal cost to the firm.
Economics
If the consumer price index (CPI) is 200 one year and 206 the next year, the annual rate of inflation as measured by the CPI is approximately _____
a. 103 percent b. 1 percent c. 6 percent d. 3 percent e. 206 percent
Economics