Suppose a market is initially in equilibrium. Then a change occurs and the equilibrium price decreases while the equilibrium quantity increases. What change occurred in the market to cause these changes to price and quantity? a. Decrease in demand b. Increase in demand c. Decrease in supply d. Increase in supply

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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Suppose a market is initially in equilibrium. Then a change occurs and the equilibrium price
decreases while the equilibrium quantity increases. What change occurred in the market to
cause these changes to price and quantity?
a. Decrease in demand
b. Increase in demand
c. Decrease in supply
d. Increase in supply
Transcribed Image Text:Suppose a market is initially in equilibrium. Then a change occurs and the equilibrium price decreases while the equilibrium quantity increases. What change occurred in the market to cause these changes to price and quantity? a. Decrease in demand b. Increase in demand c. Decrease in supply d. Increase in supply
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