A decrease in demand and a decrease in supply will lead to
A) unambiguous increases in both price and quantity.
B) unambiguous decreases in both price quantity.
C) an unambiguous decrease in price, but the effect on quantity is indeterminate.
D) an unambiguous decrease in quantity, but the effect on price is indeterminate.
D
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Which of the following is true for a firm with a downward-sloping demand curve for its product?
A) Price equals average revenue but is greater than marginal revenue. B) Price equals average revenue but is less than marginal revenue. C) Price, average revenue, and marginal revenue are all different. D) Price, average revenue, and marginal revenue are all equal.
The profit-maximizing price of the monopolist compared to the perfectly competitive industry in the above figure are, respectively
A) P1 and P3. B) P1 and P5. C) P1 and P2. D) P2 and P5.
U.S. imports rise when income in the United States increases
a. True b. False Indicate whether the statement is true or false
A collective good is one that, to at least some degree, is:
A. consumed by more than one person. B. nonexcludable but rival. C. both nonrival and nonexcludable. D. nonrival but excludable.