Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good) to decrease?
A) an increase in consumer income
B) an oil spill that sharply reduces oyster output
C) a decrease in consumer income
D) a technological advancement in the production of oysters
Correct Answer:
Verified
Q172: Which of the following would cause the
Q173: In recent years the cost of producing
Q174: Studies have shown that drinking one glass
Q175: Hurricane Katrina damaged a large portion of
Q176: Assume that in recent years the cost
Q178: Table 3-3 Q179: Assume that smartphones are a normal good,and Q180: A decrease in the demand for eggs Q181: Figure 3-8 Q182: Assume that the demand curve for DVD
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