A Competitive Market Is in Equilibrium

question 125

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

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