Exhibit 3-3 -If the Supply of and Demand for a Product Both

question 129

Multiple Choice

Exhibit 3-3

-If the supply of and demand for a product both decrease,then equilibrium

• A) quantity and equilibrium price must both decline.
• B) quantity must decline, but equilibrium price may either rise, fall, or remain unchanged.
• C) price must fall, but equilibrium quantity may either rise, fall, or remain unchanged.
• D) quantity must fall and equilibrium price must rise.

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