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:

Order-Getter

A salesperson responsible for actively seeking out, engaging with, and securing customers rather than waiting for them to initiate contact or make a purchase.

Love To Sell

A passion or deep enjoyment found in the act of selling, often characterized by a fervent desire to meet customer needs and achieve sales targets.

Intangible Products

Products that cannot be touched or physically measured, such as services, digital goods, and experiences.