If Both the Demand for a Product and the Supply

question 213

Multiple Choice

If both the demand for a product and the supply of it decrease, then the equilibrium quantity will ________ and the equilibrium price will ________.

• A) increase; either increase, decrease, or remain constant
• B) decrease; either increase, decrease, or remain constant
• C) increase; increase
• D) increase; decrease

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Definitions:

Economic Utility

The value or benefit a consumer receives from using a product or service, contributing to their overall satisfaction.

Job Candidate

An individual applying for or being considered for employment in a specific position within a company.

Reliability

The level at which a measurement instrument yields reliable and steady outcomes consistently.

Predictor

A variable or factor that is used to forecast or anticipate future events or outcomes.