Suppose that demand increases and supply decreases. What would we expect to happen in the market?
A) Equilibrium price would decrease, but the impact on quantity would be ambiguous.
B) Equilibrium price would increase, but the impact on quantity would be ambiguous.
C) Both equilibrium price and quantity would increase.
D) Both equilibrium price and quantity would decrease.
Correct Answer:
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Q193: Figure 4-5 Q194: If the supply of a product increases, Q195: Suppose that the number of buyers in Q196: Figure 4-5 Q197: If the demand for a product increases, Q199: Suppose both demand and supply decrease. How Q200: Which of the following would definitely result Q201: What would happen if both supply and 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![]()
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