Which of the following statements is correct? ____ If supply increases and demand decreases, equilibrium price will fall. ____ If demand increases and supply decreases, equilibrium price will fall. ____ If demand decreases and supply increases, equilibrium price will rise. ____ If supply decreases and demand remains constant, equilibrium price will fall>
Which of the following statements is correct? ____ If supply increases and demand decreases, equilibrium price will fall. ____ If demand increases and supply decreases, equilibrium price will fall. ____ If demand decreases and supply increases, equilibrium price will rise. ____ If supply decreases and demand remains constant, equilibrium price will fall>
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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Question
Which of the following statements is correct?
____ If supply increases and demand decreases,
____ If demand increases and supply decreases, equilibrium price will fall.
____ If demand decreases and supply increases, equilibrium price will rise.
____ If supply decreases and demand remains constant, equilibrium price will fall>
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