Use Exhibit 1. Which of the following statements is (are) correct? A. A decrease in demand would cause a surplus at the original price and the equilibrium price would fall below $18. B. A decrease in supply would cause a shortage and the quantity sold would decrease such that the equilibrium quantity is less than 600 units. C. If the actual price was $18, then the market would be at its equilibrium price. D. All of the above are correct E. A and B, only

Use Exhibit 1. Which of the following statements is (are) correct? A. A decrease in demand would cause a surplus at the original price and the equilibrium price would fall below $18. B. A decrease in supply would cause a shortage and the quantity sold would decrease such that the equilibrium quantity is less than 600 units. C. If the actual price was $18, then the market would be at its equilibrium price. D. All of the above are correct E. A and B, only

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 18RQ: What is deflation?

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