If Demand Increases While Supply Simultaneously Decreases, Equilibrium Price _____________

question 44

Short Answer

If demand increases while supply simultaneously decreases, equilibrium price _____________ (rises, falls, may either rise or fall) and equilibrium quantity ________________(rises, falls, may either rise or fall).

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Definitions:

Department of Justice

A federal executive department of the U.S. government responsible for the enforcement of laws and administration of justice.

Celler-Kefauver Act

A United States antitrust law passed in 1950 to prohibit certain mergers and acquisitions that could lead to a decrease in competition.

Lessen Competition

A situation or strategy in which there is a reduction in the intensity of competitive forces within a market or industry.

Patent Legislation

Laws that grant inventors exclusive rights to their inventions, preventing others from making, using, or selling the invention without permission.