When we see both the Pe and the Qe decline, we know: O the market responded to a surplus. O there was a decrease in demand. O the market responded to a shortage there was a decrease in supply.
When we see both the Pe and the Qe decline, we know: O the market responded to a surplus. O there was a decrease in demand. O the market responded to a shortage there was a decrease in supply.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![When we see both the Pe and the Qe decline, we know:
O the market responded to a surplus.
O there was a decrease in demand.
O the market responded to a shortage
there was a decrease in supply.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e42c1f9-b5f5-4283-9126-205e5e322f6b%2F4d4fd187-bc5d-4419-a1e5-ec0cff69f880%2Fzn103t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:When we see both the Pe and the Qe decline, we know:
O the market responded to a surplus.
O there was a decrease in demand.
O the market responded to a shortage
there was a decrease in supply.
![Of the recessions we studied, we learned that the recession in
had the smallest downturn in terms of real GDP.
2005
O 2001
2009
O 1990-1991](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e42c1f9-b5f5-4283-9126-205e5e322f6b%2F4d4fd187-bc5d-4419-a1e5-ec0cff69f880%2Fg3hkl2n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Of the recessions we studied, we learned that the recession in
had the smallest downturn in terms of real GDP.
2005
O 2001
2009
O 1990-1991
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