When Supply and Demand for a Product Decrease Simultaneously, We

question 43

Multiple Choice

When supply and demand for a product decrease simultaneously, we

• A) can predict that both equilibrium price and quantity will increase.
• B) can predict that both equilibrium price and quantity will decrease.
• C) cannot predict equilibrium price, but know that equilibrium quantity will decrease.
• D) cannot predict the change in either the equilibrium quantity or equilibrium price.

Acknowledge common errors in application material preparation and strategies to avoid them.

Understand the value and components of professional portfolios for various professions.

Comprehend the strategic use of online platforms for job searches.

Learn the structure and content strategies for writing effective application messages and résumés.

---

Definitions:

Resource Market

A market where resources or inputs for production (like labor, capital, and raw materials) are bought and sold.

Labor

The human effort, both physical and intellectual, used in the production of goods and services.

Capital

Assets used for the production of goods and services, such as machinery, buildings, and equipment.

Association Is Causation

The incorrect assumption that a relationship between two variables implies that one causes the other; a logical fallacy often encountered in statistical analysis.