If both supply and demand decrease and the shift in demand dominates, which of the following happens?
a. The equilibrium quantity increases.
b. The equilibrium price and the equilibrium quantity decrease.
c. The equilibrium price decreases and equilibrium quantity increases.
d. The equilibrium quantity increases and the equilibrium price change is indeterminate

A perfectly competitive firm's short-run shutdown point is the level of output at which

A) price equals average total cost. B) price equals average fixed cost. C) price equals the minimum average variable cost. D) price is above the minimum average total cost but below the minimum average fixed cost.

The classical economists believed that if the quantity of money doubled

A) output would double. B) prices would fall. C) prices would double. D) prices would remain constant.