Microeconomics
Solutions
Microeconomics
Fill in the blanks in the following table.
Fill in the blanks.
Table 1 shows the changes that occur at equilibrium price and quantity.
Table 1
| Scenarios | Determine whether equilibrium price rises, falls, or remains constant. | Determine whether equilibrium quantity rises, falls, or remains constant. |
| Demand rises and supply remains constant. |
Equilibrium price will rise. |
Equilibrium quantity will rise. |
| Supply declines more than demand rises. |
Equilibrium price will fall. |
Equilibrium quantity will rise... |
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