Suppose That a Perfectly Competitive Market Is in Equilibrium,and Then

question 68

Multiple Choice

Suppose that a perfectly competitive market is in equilibrium,and then market supply decreases.Which of the following would happen?

• A)both producer and consumer surplus would increase
• B)both producer and consumer surplus would decrease
• C)producer surplus would decrease and consumer surplus would increase
• D)producer surplus would increase and consumer surplus would decrease
• E)producer and consumer surplus would remain unchanged

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Definitions:

Career Choice

The selection of a profession or occupation based on personal interests, values, and abilities, often considered a major life decision.

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The routine tasks or responsibilities that an individual performs on a daily basis.

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The specific place or position of something or someone.

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A publication by the United States Department of Labor that provides comprehensive information on the duties, education requirements, and salary of various occupations.