When Supply Decreases and Demand Does Not Change, the Equilibrium

question 288

Multiple Choice

When supply decreases and demand does not change, the equilibrium quantity and the equilibrium price _.

• A) decreases; rises
• B) increases; falls
• C) decreases; falls
• D) increases; rises

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Definitions:

Secondary Data

Marketing data that have been gathered, tabulated, and made available by an outside source.

Secondary Information

Data that has been collected previously by someone else, used for research or analysis.

Primary Data

Data that is collected firsthand by the researcher for a specific research purpose or project.

Tertiary Data

Information that has been collected and processed from secondary sources rather than obtained directly from original sources.