What happens to the equilibrium price when there is an increase in demand and a decrease in supply in a given market equilibrium condition? a. Price falls b. Price rises c. Price does not change d. Price may rise, may fall, or may not change
What happens to the equilibrium price when there is an increase in demand and a decrease in supply in a given market equilibrium condition? a. Price falls b. Price rises c. Price does not change d. Price may rise, may fall, or may not change
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 23P
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What happens to the
a. Price falls
b. Price rises
c. Price does not change
d. Price may rise, may fall, or may not change
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