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13 May 2019
If the supply and demand curves for a product both decrease, then equilibrium:
a. quantity must fall and equilibrium price must rise.
b. price must fall, but equilibrium quantity may rise, fall, or remain unchanged.
c. quantity must decline, but equilibrium price may rise, fall, or remain unchanged.
d. quantity and equilibrium price must both decline.
If the supply and demand curves for a product both decrease, then equilibrium:
a. quantity must fall and equilibrium price must rise.
b. price must fall, but equilibrium quantity may rise, fall, or remain unchanged.
c. quantity must decline, but equilibrium price may rise, fall, or remain unchanged.
d. quantity and equilibrium price must both decline.
2 Jun 2021
