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Given a Downward-Sloping Demand Curve and an Upward-Sloping Supply Curve

Question 41

Multiple Choice

Given a downward-sloping demand curve and an upward-sloping supply curve for a product,an increase in resource prices will:


A) increase equilibrium price and quantity
B) decrease equilibrium price and quantity
C) decrease equilibrium price and increase equilibrium quantity
D) increase equilibrium price and decrease equilibrium quantity
E) keep equilibrium price and quantity the same

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