Question: If demand increases while supply decreases for a particular good, the If demand increases while supply decreases for a particular good, the a. equilibrium price

If demand increases while supply decreases for a particular good, the

If demand increases while supply decreases for a particular good, the

a. equilibrium price will decrease while the quantity of the good produced and sold could increase, decrease, or remain constant

b. equilibrium price will increase while the quantity of the good produced and sold could increase, decrease, or remain constant

c. quantity of the good produced and sold will increase while its equilibrium price could increase, decrease or remain constant

d. quantity of the good produced and sold will decrease while its equilibrium price could increase, decrease, or remain constant

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

1.Business profit is: A.the residual of sales revenue minus the explicit accounting costs of doing business. B.a normal rate of return. C.economic profit. D.the return on stockholders' equity. 2.The...

Q:

Give explanation for each question. 29.A measure of inflation that washes out price extremes employs: A.mean price changes. B.Weighted average price changes. C.the standard deviation of price...

Q:

Need an explanation for the question 29.A measure of inflation that washes out price extremes employs: A.mean price changes. B.Weighted average price changes. C.the standard deviation of price...

Q:

1. At the current price there is a shortage of a protract. We would expect price to: (a) Increase, quantity demanded to increase, and quantity supplied to decrease (b) Increase, quantity demanded to...

Q:

Judge whether the sentence is right or wrong, and give an explanation or reason. Why is it right or wrong? 29) A measure of inflation that washes out price extremes employs median price changes 30) A...

Q:

Please help me to find answers for following questions: 1.If demand increases and supply decreases in a market that is in equilibrium, quantity will: Select one: a.remain unchanged while price will...

Q:

4. If demand increases and supply decreases BUT demand moves more than supply. What is the equilibrium price and quantity? a. Price Increase, Quantity Increase b. Price Increase, Quantity Decrease c....

Q:

Question 2 (1 point) _u Relative to the initial equilibrium, when demand increases and supply decreases, there will be O an indeterminant change in price and a decrease in quantity. 0 an increase in...

Q:

Carol purchases a piece of art for $23 for which she was willing to pa}...I $32. Larry, the sellerr was not going to accept less than $20. This scenario is explained as if) a producer surplus of $3...

Q:

# economics# 27) A "change in demand" means: a) a change in the elasticity of a demand curve b) the shift of a demand curve c) a movement along a given demand schedule or curve d) the quantity...

Q:

Excerpts from the 2014 financial statements of Finley Ltd., a service company, follow: Fees earned ..............$240,000 Accounts receivable ............ 68,000 Allowance for doubtful accounts...

Q:

Describe the "Tell 'Em" and "KISS 'Em" principles.

Q:

Question 6 of 1 6 Attempt 3 Find a linear map T that maps [ 0 , 1 ] [ 0 , 1 ] to the parallelogram P in the x y - plane spanned by the vectors ( 4 , 3 ) and ( : 7 , 2 : ) . ( Give your answer in the...

Q:

Betty bakes and sells bagels all year round. Betty plans and manages inventories of paper take-out bags with her logo printed on them. Daily demand for take-out bags is normally distributed with a...

Q:

Does this future have a sound, an image, a taste or a smell that you can evoke here and now?

Q:

2. In this chapter, the reader should reflect on the following concepts: benchmark-ing, competence development, thought dispositions, identity and perception.

Q:

Is it necessary to change something in your everyday life in order for you to achieve the goal?