Resource X is necessary to the production of good Y. If the price of resource X rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y. A. supply; rightward; decrease; increase. B. demand; leftward; decrease; decrease C. demand; rightward; increase; increase D. supply; leftward; increase; decrease E. supply; leftward; increase; increase
Resource X is necessary to the production of good Y. If the price of resource X rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y. A. supply; rightward; decrease; increase. B. demand; leftward; decrease; decrease C. demand; rightward; increase; increase D. supply; leftward; increase; decrease E. supply; leftward; increase; increase
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 25P
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Resource X is necessary to the production of good Y. If the price of resource X rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y.
A. supply; rightward; decrease; increase.
B. demand ; leftward; decrease; decrease
C. demand; rightward; increase; increase
D. supply; leftward; increase; decrease
E. supply; leftward; increase; increase
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