Which of the following statements is (are) correct? (x) If the supply of a product increases, we would expect that the equilibrium price would decrease and the equilibrium quantity would increase. (y) If the demand for a product decreases, we would expect that the equilibrium price would decrease and the equilibrium quantity would decrease. (z) If the demand for a product increases or the supply of a product decreases, we would expect that the equilibrium price would decrease. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (x) only
Which of the following statements is (are) correct? (x) If the supply of a product increases, we would expect that the equilibrium price would decrease and the equilibrium quantity would increase. (y) If the demand for a product decreases, we would expect that the equilibrium price would decrease and the equilibrium quantity would decrease. (z) If the demand for a product increases or the supply of a product decreases, we would expect that the equilibrium price would decrease. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (x) only
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 2DQ
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Which of the following statements is (are) correct?
(x) If the supply of a product increases, we would expect that the
(y) If the demand for a product decreases, we would expect that the equilibrium price would decrease and
the equilibrium quantity would decrease.
(z) If the demand for a product increases or the supply of a product decreases, we would expect that the
equilibrium price would decrease.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (x) only
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