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28 Nov 2020
How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity rise, fall, or remain unchanged, or the answers indeterminate because they depend on the magnitudes of the shifts? Use supply and demand to verify the answers.
A. Supply decreases and demand is constant.
B. Demand decreases and supply is constant.
C. Supply increases and demand is constant.
D. Demand increases and supply increases.
How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity rise, fall, or remain unchanged, or the answers indeterminate because they depend on the magnitudes of the shifts? Use supply and demand to verify the answers.
A. Supply decreases and demand is constant.
B. Demand decreases and supply is constant.
C. Supply increases and demand is constant.
D. Demand increases and supply increases.
Divya SinghLv10
5 Jan 2021
