When supply falls and demand remains the same, equilibrium price _____ and equilibrium quantity ________.
A. rises; rises
B. falls; falls
C. falls; rises
D. rises; falls
D. rises; falls
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Explain why the oil price shocks after 1973 made countries unwilling to revive the Bretton Woods system of fixed exchange rates. See also Chapter 19
What will be an ideal response?
The price of video cassette recorders (VCRs) remains constant, but the market demand curve for VCRs shifts leftward as consumers shift to DVDs and other video technologies
What happens to the consumer surplus in this market as the demand curve shifts? A) Increases B) Decreases C) Remains the same D) We do not have enough information to answer this question.
Which of the following is always associated with monopolistic competition?
a. Identical products b. Economic profits in the short run c. MR lies above the demand curve d. Demand curves become more inelastic as new entry occurs e. Product differentiation
The housing developments that were made up of identical, prefabricated houses, quickly built after World War II to meet the high demand for housing were produced by _______________.
Fill in the blank(s) with the appropriate word(s).