If the Supply Decreases, the Result Is _____ Equilibrium Price

question 2

Multiple Choice

If the supply decreases, the result is _____ equilibrium price and _____ equilibrium quantity.

• A) lower; lower
• B) lower; higher
• C) higher; lower
• D) higher; higher

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Definitions:

Industrial Economy

An economy characterized by a significant weight of manufacturing, infrastructure, and services related to the processing and production of goods.

Low Productivity

A state where there is a lower output per unit of input, which may lead to decreased economic performance.

Education

The systematic process of facilitating learning, acquisition of knowledge, skills, values, beliefs, and habits.

Developing Countries

Nations with a lower level of material well-being, industrialization, and economic development compared to developed countries.