If the Demand for a Good Decreased, What Would Be

question 326

Multiple Choice

If the demand for a good decreased, what would be the effect on the equilibrium price and quantity?

• A) Price would increase, and quantity would decrease.
• B) Price would decrease, and quantity would decrease.
• C) Price would increase, and quantity would increase.
• D) Price would decrease, and quantity would increase.

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Definitions:

Ergot Fungus

A type of fungus that grows on rye and other grains, producing toxins that can cause serious health problems if ingested.

Radioimmunoassay

A sensitive laboratory method used to measure concentrations of substances, typically hormones or drugs, in a sample, utilizing antibodies and radioactive markers.

Gas Chromatography / Mass Spectrometry

A laboratory method combining gas chromatography and mass spectrometry to identify different substances within a test sample.

Molecular Structure

The spatial arrangement of atoms in a molecule and the chemical bonds that hold the atoms together.