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3 Feb 2018
21. Suppose that you are analyzing the market for pianos in Melmac. Pianos are a normal good. Further, suppose that you observe that the population of Melmac is decreasing and the interest rates for borrowing by piano producers are decreasing. Then you would conclude that: a equilibrium price will fall and equilibrium quantity could rise, fall or stay the same. b. equilibrium price will rise and equilibrium quantity could rise, fall or stay the same. c. equilibrium quantity will fall and equilibrium price could rise, fall or stay the same. d. equilibrium quantity will rise and equilibrium price could rise, fall or stay the same. e. both equilibrium quantity and equilibrium price will fall.
21. Suppose that you are analyzing the market for pianos in Melmac. Pianos are a normal good. Further, suppose that you observe that the population of Melmac is decreasing and the interest rates for borrowing by piano producers are decreasing. Then you would conclude that: a equilibrium price will fall and equilibrium quantity could rise, fall or stay the same. b. equilibrium price will rise and equilibrium quantity could rise, fall or stay the same. c. equilibrium quantity will fall and equilibrium price could rise, fall or stay the same. d. equilibrium quantity will rise and equilibrium price could rise, fall or stay the same. e. both equilibrium quantity and equilibrium price will fall.
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