Assume a Market Is in Equilibrium

question 138

Multiple Choice

Assume a market is in equilibrium.There is an increase in supply,but no change in demand.As a result the equilibrium price ________,and the equilibrium quantity ________.

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

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Definitions:

Steps

Sequential phases or procedures followed to achieve a particular goal or complete a process.

Qualified Person

An individual who has the necessary skills, knowledge, certifications, or qualifications to perform a specific job or task.

Goods or Services

Products that can be physically touched or activities provided to customers, respectively, both of which satisfy consumer needs and wants.

Prospect

A potential customer or client who has been identified as fitting a target market for a product or service, but has not yet made a purchase.