If supply decreases along a given demand curve,______.
A) there will be an excess quantity demanded in the market,resulting in an increase in the equilibrium price and a decrease in the equilibrium quantity
B) there will be an excess quantity supplied in the market,resulting in a decrease in the equilibrium price and an increase in the equilibrium quantity
C) there will be an excess quantity demanded in the market,resulting in an increase in both the equilibrium price and quantity
D) there will be an excess quantity supplied in the market,resulting in a decrease in both the equilibrium price and quantity
E) price will fall,shifting the demand curve outward and raising the equilibrium quantity
Correct Answer:
Verified
Q105: The following figure shows the market for
Q106: Suppose the market for beef cattle was
Q107: Consider the market for a good that
Q108: In which of the following situations is
Q109: Consider the market for wheat that is
Q111: Identify the effect of a reduction in
Q112: For a downward-sloping demand curve,a rightward shift
Q113: Two events occur simultaneously in the market
Q114: For a given downward-sloping demand curve,a decrease
Q115: In the market for chewing gum,the current
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