The market for cruises is at its market equilibrium when two events occur: cruise companies increase the number of cruise ships, and at the same time, cruising becomes less popular. How does the market for cruises change?   The equilibrium price of a cruise ________ and the equilibrium quantity of cruises _______.     A. falls; might increase, decrease, or not change   B. falls; increases   C. rises; decreases   D. might rise, fall, or not change; decreases

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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The market for cruises is at its market equilibrium when two events occur: cruise companies increase the number of cruise ships, and at the same time, cruising becomes less popular. How does the market for cruises change?
 
The equilibrium price of a cruise ________ and the equilibrium quantity of cruises _______.
 
 
A.
falls; might increase, decrease, or not change
 
B.
falls; increases
 
C.
rises; decreases
 
D.
might rise, fall, or not change; decreases
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