A Competitive Market Is in Equilibrium

question 47

Multiple Choice

A competitive market is in equilibrium. Then there is a decrease in demand and a decrease in_{--------------------} supply. The equilibrium price , and the equilibrium quantity_{--------------------} .

• A)perhaps changes but we can't say if it rises, falls, or stays the same; decreases
• B)perhaps changes but we can't say if it rises, falls, or stays the same; increases
• C)falls; increases
• D)rises; increases
• E)rises; decreases

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