Suppose That for a Given Good Demand Decreases and Supply

question 22

Multiple Choice

Suppose that for a given good demand decreases and supply increases at the same time.If demand decreases by a greater amount than supply increases,then equilibrium price __________ and equilibrium quantity __________ for that good.

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

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Definitions:

Statistical Inference

The process of drawing conclusions from data subject to random variation.

Questionnaire Data

Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.

Personal Observation

An individual's own monitoring and recording of events or behaviors, used as a method of gathering data.

Data Collection Methods

Techniques and tools used to gather, measure, and analyze data from various sources for research or decision-making purposes.