A decrease in demand and a decrease in supply, will lead to a(n) ________ in equilibrium quantity and a(n) ________ in equilibrium price.
A) decrease; indeterminate change
B) indeterminate change; increase
C) indeterminate change; decrease
D) increase; indeterminate change
Answer: A) decrease; indeterminate change
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An information product is a product for which
A) the first item is produced inexpensively but additional units are more costly to produce. B) the first unit is very costly to make but additional units are less costly to produce. C) the marginal cost first falls and then rises but the average total cost rises throughout its range. D) the average fixed cost first falls and then rises, but the average total cost falls throughout its range.
The sum of all past budget deficits and surpluses of the federal government is the
a. budget deficit. b. budget surplus. c. national debt. d. trade deficit.
In the United States, the top 20 percent of income earners earn:
A. just under 40 percent of total income. B. over 70 percent of total income. C. over 60 percent of total income. D. just under 50 percent of total income.
Economic growth implies a
A. Rightward shift of the short-run aggregate supply curve. B. Rightward shift of the aggregate demand curve. C. Rightward shift of the long-run aggregate supply curve. D. Leftward shift of the long-run aggregate supply curve.