If demand remains constant and supply decreases, what happens to price and quantity? A. Decrease price; increase quantity B. Decrease price; decrease quantity C. Increase price; decrease quantity D. Increase price; increase quantity 2. If supply remains constant and demand decreases, what happens to price and quantity? A. Increase price; increase quantity B. Increase price; decrease quantity C. Decrease price; increase quantity D. Decrease price; decrease quantity
If demand remains constant and supply decreases, what happens to price and quantity? A. Decrease price; increase quantity B. Decrease price; decrease quantity C. Increase price; decrease quantity D. Increase price; increase quantity 2. If supply remains constant and demand decreases, what happens to price and quantity? A. Increase price; increase quantity B. Increase price; decrease quantity C. Decrease price; increase quantity D. Decrease price; decrease quantity
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 3P
Related questions
Question
-
-
If
demand remains constant and supply decreases, what happens toprice and quantity?A. Decrease price; increase quantityB. Decrease price; decrease quantityC. Increase price; decrease quantityD. Increase price; increase quantity
A. Increase price; increase quantityB. Increase price; decrease quantityC. Decrease price; increase quantityD. Decrease price; decrease quantity -
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Macroeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506756
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning