If Supply and Demand Both Decrease, the New Equilibrium Price

question 39

Multiple Choice

If supply and demand both decrease, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

• A)lower; lower
• B)lower; uncertain
• C)higher; higher
• D)uncertain; lower

---

Definitions:

Heterophilous

characterized by or involving interaction between individuals that are different in some demographic or psychological attributes.

Polymorphic

In computing, it refers to the ability of objects to process data differently based on their data type or class; in biology, it indicates the occurrence of two or more clearly different morphs or forms.

Monomorphic

Characterized by having a single shape or form, often used in the context of genes or polymorphism.

Reactance

A psychological response wherein individuals feel the need to regain freedom or control when they perceive it as being taken away.