A new product comes out that has better quality than the old product, and has a lower manufacturing cost. What is the impact on the product using the supply and demand model?
A) demand and supply will both decrease; thus, quantity will decrease
B) demand and supply will both increase; thus, quantity will increase
C) demand and supply will both decrease; thus, price will decrease
D) demand and supply will both increase; thus, price will increase
Correct Answer:
Verified
Q114: Which of the following would cause price
Q115: Which of the following would cause price
Q116: An increase in supply and a decrease
Q117: If both supply and demand increase, _
Q118: If both supply and demand decrease, _
Q120: When there is an increase in supply
Q121: When there is an increase in supply
Q122: When there is a decrease in supply
Q123: When there is a decrease in supply
Q124: (Figure: Double Shift Alpha) Which of these
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