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11) If demand increases and supply decreases, then the A) effect on both equilibrium price and quantity is unknown. B) equilibrium quantity decreases but the effect on the equilibrium price is unknown. C) equilibrium price falls but the effect on the equilibrium quantity is unknown. D) equilibrium price rises but the effect on the equilibrium quantity is unknown. E) equilibrium quantity increases but the effect on the equilibrium price is unknown
64) 64) If demand decreases and supply increases, then the A) price will rise but the effect on equilibrium quantity will be indeterminate. B) equilibrium quantity will decrease but the effect on the price is indeterminate. C) equilibrium quantity will increase but the effect on the price is indeterminate. D) price will fall but the effect on equilibrium quantity will be indeterminate. E) effect on both equilibrium price and quantity will be indeterminate.
Define substitution effect and income effect.
