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
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
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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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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