Which of the following will definitely occur when there is an increase in demand and decrease in supply of a product? a. An increase in equilibrium price b. A decrease in equilibrium price c. An increase in equilibrium quantity d. S decrease in equilibrium quantity

Which of the following will definitely occur when there is an increase in demand and decrease in supply of a product? a. An increase in equilibrium price b. A decrease in equilibrium price c. An increase in equilibrium quantity d. S decrease in equilibrium quantity

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 1SQ

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Question

Which of the following will definitely occur when there is an increase in demand and decrease in supply of a product?

a. An increase in equilibrium price

b. A decrease in equilibrium price

c. An increase in equilibrium quantity

d. S decrease in equilibrium quantity

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