A decrease in supply will usually lead to:
A) A higher equilibrium price and higher quantity
B) A higher equilibrium price but lower quantity
C) A lower equilibrium price and quantity
D) A lower equilibrium price and higher quantity
Correct Answer:
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Q1: If the price is above equilibrium in
Q3: An increase in demand is likely to
Q4: An increase in supply is likely to
Q5: If there is a shortage in a
Q6: If there is a surplus in a
Q7: An increase in indirect tax will usually
Q8: If demand increases the supply curve will
Q9: In a free market the price will
Q10: If supply and demand are equal and
Q11: If the price is below equilibrium in
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