Suppose That Demand for a Good Decreases And,at the Same

question 56

Multiple Choice

Suppose that demand for a good decreases and,at the same time,supply of the good decreases.What would happen in the market for the good?

• A)Equilibrium price would decrease,but the impact on equilibrium quantity would be ambiguous.
• B)Equilibrium price would increase,but the impact on equilibrium quantity would be ambiguous.
• C)Equilibrium quantity would decrease,but the impact on equilibrium price would be ambiguous.
• D)Equilibrium quantity would increase,but the impact on equilibrium price would be ambiguous.

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Definitions:

Project Organization

An organization formed to ensure that programs (projects) receive the proper management and attention.

Functional Areas

Specific domains or categories within a business or organization that focus on particular tasks or responsibilities, such as marketing, finance, human resources, etc.

PERT

Program Evaluation and Review Technique, a project management tool used to schedule, organize, and coordinate tasks within a project.

CPM

Critical Path Method, a project management technique used to plan and control a project by identifying tasks, their durations, and dependencies to calculate the longest path of planned activities to the end of the project.