Suppose Both the Equilibrium Price and Quantity Fall for a Particular

question 260

Multiple Choice

Suppose both the equilibrium price and quantity fall for a particular product. Which of the following best explains this situation?

• A) Supply and demand simultaneously increased and the shift in supply was greater than the shift in demand.
• B) Supply and demand simultaneously increased and the shift in supply was less than the shift in demand.
• C) Supply and demand simultaneously decreased and the shift in supply was greater than the shift in demand.
• D) Supply and demand simultaneously decreased and the shift in supply was less than the shift in demand.

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Definitions:

Excavates

A group of protists characterized by their unique cellular structures, including a notable feeding groove "excavated" from one side.

Closest Relatives

Organisms that are most closely related to each other through shared ancestry in the tree of life.

Animals

Multicellular, eukaryotic organisms of the kingdom Animalia or Metazoa, characterized by their ability to move voluntarily, consume organic material, breathe oxygen, and reproduce sexually.

Choanoflagellates

Aquatic microorganisms thought to be the closest living relatives of animals, characterized by their flagellum and collar structure.