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Tidy Tidy
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8 years ago
Which of the following statements is true?
A) An increase in demand causes an increase in equilibrium price; the increase in price causes supply to increase.
B) A decrease in supply causes equilibrium price to rise; the increase in price then results in a decrease in quantity demanded.
C) If both demand and supply decrease, there must be a decrease in equilibrium price; equilibrium quantity may either increase or decrease.
D) If demand increases and supply decreases one cannot determine if equilibrium price will increase or decrease without knowing which change is greater.
Textbook 
Essentials of Economics

Essentials of Economics


Edition: 4th
Authors:
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Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face
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SydnieSydnie
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#1
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8 years ago
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#2
8 years ago
I was confident with my answer, glad it was correct.

Oh, and thumbs-up are more than welcome Slight Smile
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