At equilibrium price quantity demanded is a. greater than quantity supplied b. equal to quantity supplied C. smaller than quantity supplied When demand declines and supply stay the same a. equilibrium quantity rises b. equilibrium quantity declines c. equilibrium quantity stays the same -A supply schedule is determined by the wishes of a. sellers b. buyers c. buyers and sellers d. neither sellers nor buyers .What happens to quantity supplied when price is raised? a. it rises b. it falls c.it stays the same d. it cannot be determined if it rises, falls or stays the same

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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At equilibrium price, quantity demanded is:
- a. greater than quantity supplied
- b. equal to quantity supplied
- c. smaller than quantity supplied

When demand declines and supply remains constant:
- a. equilibrium quantity rises
- b. equilibrium quantity declines
- c. equilibrium quantity stays the same

A supply schedule is determined by the wishes of:
- a. sellers
- b. buyers
- c. buyers and sellers
- d. neither sellers nor buyers

What happens to quantity supplied when price is raised?
- a. it rises
- b. it falls
- c. it stays the same
- d. it cannot be determined if it rises, falls, or stays the same
Transcribed Image Text:At equilibrium price, quantity demanded is: - a. greater than quantity supplied - b. equal to quantity supplied - c. smaller than quantity supplied When demand declines and supply remains constant: - a. equilibrium quantity rises - b. equilibrium quantity declines - c. equilibrium quantity stays the same A supply schedule is determined by the wishes of: - a. sellers - b. buyers - c. buyers and sellers - d. neither sellers nor buyers What happens to quantity supplied when price is raised? - a. it rises - b. it falls - c. it stays the same - d. it cannot be determined if it rises, falls, or stays the same
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