Suppose That the Number of Buyers in a Market Decreases

question 216

Multiple Choice

Suppose that the number of buyers in a market decreases and a technological advancement occurs. What would we expect to happen in the market?

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

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Definitions:

Humerus

The long bone in the upper arm that runs from the shoulder to the elbow.

Teres Major

A muscle in the upper arm, which helps in the rotation and adduction of the shoulder.

Supraspinatus

A muscle situated on the upper part of the back that assists in the abduction of the arm.

Abducts

Refers to the movement of a limb or other part away from the midline of the body or from another part.