In a competitive market, what happens to price and quantity when the supply of a good decreases? a. The price increases and the quantity decreases. b. The price increases and the quantity increases. c.The price decreases and the quantity decreases. d.The price decreases and the quantity increases.
In a competitive market, what happens to price and quantity when the supply of a good decreases? a. The price increases and the quantity decreases. b. The price increases and the quantity increases. c.The price decreases and the quantity decreases. d.The price decreases and the quantity increases.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 3P
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In a competitive market, what happens to
a. The price increases and the quantity decreases.
b. The price increases and the quantity increases.
c.The price decreases and the quantity decreases.
d.The price decreases and the quantity increases.
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