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

Acknowledge the significance of word choice and the potential implications of red flag words in communication.

Understand the role and definition of theories in explaining events and predicting outcomes.

Comprehend how models represent interactions between concepts and identify patterns.

Recognize the importance of social support systems in behavior change.

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Definitions:

Patent

A government-granted exclusive right to make, use, or sell an invention for a certain period of years.

Copyrights

Exclusive grant from the federal government that allows the owner to reproduce and sell an artistic or published work.

Federal Government

A central governing authority that encompasses the system of political organizations authorized by a constitution to govern a nation or federation of states.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, including balance sheet, income statement, etc.