If incomes increase and the number of producers of batteries decreases, how will the equilibrium price and equilibrium quantity of batteries change? The equilibrium price of a battery will ________ and the equilibrium quantity of batteries ________. A. fall; might increase, decrease, or not change B. fall; will decrease C. rise; might increase, decrease, or not change D. either rise, fall, or not change; will increase
If incomes increase and the number of producers of batteries decreases, how will the equilibrium price and equilibrium quantity of batteries change? The equilibrium price of a battery will ________ and the equilibrium quantity of batteries ________. A. fall; might increase, decrease, or not change B. fall; will decrease C. rise; might increase, decrease, or not change D. either rise, fall, or not change; will increase
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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If incomes increase and the number of producers of batteries decreases, how will the equilibrium price and equilibrium quantity of batteries change?
The equilibrium price of a battery will ________ and the equilibrium quantity of batteries ________.
A.
fall; might increase, decrease, or not change
B.
fall; will decrease
C.
rise; might increase, decrease, or not change
D.
either rise, fall, or not change; will increase
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