It Is Certain That the Equilibrium Quantity Will Fall When

question 198

Multiple Choice

It is certain that the equilibrium quantity will fall when:

• A)the supply curve and the demand curve both shift to the right.
• B)the supply curve shifts to the right and the demand curve shifts to the left.
• C)the supply curve shifts to the left and demand shifts to the right.
• D)supply shifts to the left and demand stays the same.

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Definitions:

Brewmaster

A professional who is responsible for the production, innovation, and quality control of beer in a brewery.

Perfectly Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and free entry and exit, which leads to an efficient allocation of resources.

Market Wage

The prevailing rate of pay for workers in a particular labor market, job, or industry.

Perfect Competitor

A theoretical market situation in which no individual buyer or seller has the power to influence market prices.