Suppose that both the supply of iPads and the demand for iPads decrease. One can predict that the:
A. equilibrium price and quantity will fall.
B. equilibrium price will rise, but the change in equilibrium quantity is uncertain.
C. equilibrium quantity will fall, but the change in equilibrium price is uncertain.
D. equilibrium price and quantity will rise.
Answer: C
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Figure 8-1
Which graph in Figure 8-1 shows a typical firm’s total revenue and total cost curves?
A. (a) B. (b) C. (c) D. (d)
Jon's income-consumption curve is a straight line from the origin with a positive slope. Now suppose that Jon's preferences change such that his income-consumption curve remains a straight line but rotates 15 degrees clockwise
Jon's demand curve for the good on the horizontal axis A) will shift left. B) will shift right. C) will not change. D) might do any of the above.
If a seller incurs an obligation to generate an ancillary obligation of a certain value to offset the initial buyer's capital expenditure, then there is a(n) ____ in place
A) spot contract B) buyback contract C) offset contract D) enforceable contract