When the Demand for a Good Decreases,its Equilibrium Price ________

question 182

Multiple Choice

When the demand for a good decreases,its equilibrium price ________ and equilibrium quantity ________.

• A) falls; decreases
• B) falls; increases
• C) rises; decreases
• D) rises; increases
• E) falls; does not change

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Definitions:

Maximum

The highest allowable limit for a dimension, value, or quantity.

Minimum

The lowest value or amount permissible or possible in a given set of conditions or contexts, often referred to in design, mathematics, and statistics.

Diameter Symbol

A symbol (∅) used in technical drawings to indicate that a dimension applies to a circle's diameter.

Limit Dimensions

The specifications on a drawing that show the maximum and minimum size limits that a part can be manufactured to.