In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X: (2) the equilibrium price (A of X: and (3) the equilibrium quantity (Q of X. An Increase in the number of firms producing X will Multiple Choice Increase S. decrease P. and Increase O decrease S. increase P. and decrease Q. Increase S. Increase P. and Increase Q. decrease S. decrease P. and increase Q. shift S left with no change in Pand Q. O O O
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X: (2) the equilibrium price (A of X: and (3) the equilibrium quantity (Q of X. An Increase in the number of firms producing X will Multiple Choice Increase S. decrease P. and Increase O decrease S. increase P. and decrease Q. Increase S. Increase P. and Increase Q. decrease S. decrease P. and increase Q. shift S left with no change in Pand Q. O O O
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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