Consider a market that is in equilibrium.If it experiences both an increase in demand and a decrease in supply,what can be said of the new equilibrium? The equilibrium:
A) price and quantity will both rise.
B) quantity will definitely rise, while the equilibrium price cannot be predicted.
C) price will definitely rise, while the equilibrium quantity cannot be predicted.
D) price and quantity will both fall.
Correct Answer:
Verified
Q118: Q119: Last year due to the increased rainfall Q120: A paper mill discovers that burning old Q121: A surplus will occur in a market Q122: If producers incorrectly set the price of Q124: If producers incorrectly set the price of Q125: The term "surplus" refers to a: Q126: The term "shortage" refers to a: Q127: Consider a market that is in equilibrium.If Q128: A shortage will occur if:
A) situation
A) situation
A) the quantity
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