Question: 20. Given an initial market equilibrium with a downward sloping market demand curve and an upward sloping market supply curve, if demand decreases, which of

demand curve and an upward sloping market supply curve, if demand decreases,

20. Given an initial market equilibrium with a downward sloping market demand curve and an upward sloping market supply curve, if demand decreases, which of the following is the most likely change in price and quantity needed to reach the new equilibrium? 1 Price, 1 Quantity. b. 1 Price, Quantity 1 Price, 1 Quantity. d. 1 Price, 1 Quantity. None of the above. a. c. e. 21. Given an initial market equilibrium with a downward sloping market demand curve and an upward sloping market supply curve, if supply decreases, which of the following is the most likely change in price and quantity needed to reach the new equilibrium? a b. c. d. e. 1 Price, 1 Quantity 1 Price, 1 Quantity. Price, Quantity 1 Price, 1 Quantity Cannot determine from given information. 22. Given an initial market equilibrium with a downward sloping market demand curve and an upward sloping market supply curve, if both demand and supply decrease, which of the following is the most likely change in price and quantity needed to reach the new equilibrium? a. b. c. d. 1 Price, 1 Quantity 1 Price, 1 Quantity 1 Price, 1 Quantity 1 Price, 1 Quantity. Cannot determine from given information. e. 23. Given an initial market equilibrium with a downward sloping market demand curve and an upward sloping market supply curve, if demand increases and supply decreases, which of the following is the most likely change in price and quantity needed to reach the new equilibrium? a. b. c. d. Price unable to determine, 1 Quantity. Price, Quantity unable to determine. Price unable to determine, 1 Quantity. 1 Price, Quantity unable to determine. None of the above. e. 24. Given an initial market equilibrium with a downward sloping market demand curve and an upward sloping market supply curve, if demand decreases and supply increases, which of the following is the most likely change in price and quantity needed to reach the new equilibrium? b. c. d. e. I Price, Quantity unable to determine. Price unable to determine, 1 Quantity. 1 Price, Quantity unable to determine. Price unable to determine, ! Quantity. None of the above

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