If the Supply of a Good Decreased, What Would Be

question 167

Multiple Choice

If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?

• A) Price would increase, and quantity would decrease.
• B) Price would decrease, and quantity would decrease.
• C) Price would increase, and quantity would increase.
• D) Price would decrease, and quantity would increase.

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Definitions:

Underground Machines

No definitive context, but likely refers to equipment used for underground operations such as mining or tunnel construction.

Oil Shale

A fine-grained sedimentary rock containing organic materials that can be processed to produce shale oil, a type of unconventional oil.

Rocky Mountains

A major mountain range in western North America, extending from Canada through the United States.

Sulfur Dioxide

A toxic gas with a sharp, irritating smell, commonly produced by volcanic activity and industrial processes.