Question: A decrease in supply with no change in demand will lead to ________ in equilibrium quantity and ________ in equilibrium price. A.a decrease; an increase

  1. A decrease in supply with no change in demand will lead to ________ in equilibrium quantity and ________ in equilibrium price.
  2. A.a decrease; an increase
  3. B.a decrease; a decrease
  4. C.an increase; a decrease
  5. D.an increase; an increase

  1. Price is $3 and total revenue is $600. If price decreases to $2 and total revenue increases to $800, you know that the demand for the product is:
  2. elastic.
  3. inelastic.
  4. unitary.
  5. perfectly inelastic.
  6. perfectly elastic

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