Suppose that the number of buyers in a market decreases and a technological advancement occurs. What would we expect to happen in the market? Select one: O a. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O b. The equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. O . The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. O d. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.

Suppose that the number of buyers in a market decreases and a technological advancement occurs. What would we expect to happen in the market? Select one: O a. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O b. The equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. O . The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. O d. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

28)

Suppose that the number of buyers in a market decreases and a technological advancement occurs. What would we expect to happen in the market?
Select one:
O a. Equilibrium quantity would increase, but the impact on equilibrium price
would be ambiguous.
cross out
O b. The equilibrium price would decrease, but the impact on the amount sold
in the market would be ambiguous.
cross out
O . The equilibrium price would increase, but the impact on the amount sold
cross out
in the market would be ambiguous.
O d. Equilibrium quantity would decrease, but the impact on equilibrium price
would be ambiguous.
cross out

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