A competitive market is in equilibrium. Then there is a decrease in demand and a decrease in supply. The equilibrium price ________, and the equilibrium quantity ________.
A) rises; decreases
B) perhaps changes but we can't say if it rises, falls or stays the same; decreases
C) falls; increases
D) rises; increases
E) perhaps changes but we can't say if it rises, falls or stays the same; increases
Correct Answer:
Verified
Q118: If good weather conditions result in a
Q120: Q121: Q122: Suppose a medical study reveals new benefits Q124: The number of people looking to buy Q125: If both the supply and demand curves Q126: Q127: The demand for cat food decreases while Q128: If both producers and consumers believe that Q223: Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
