-Using the Above Figure, Suppose There Is a Decrease in the Number

question 407

Multiple Choice

-Using the above figure, suppose there is a decrease in the number of suppliers. Then

• A) the equilibrium price will decrease below $25 per dozen roses.
• B) we cannot predict what will happen to equilibrium quantity.
• C) the equilibrium quantity will decrease below 10 dozen roses.
• D) both the equilibrium price and quantity will increase.

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Definitions:

Required Credit

The minimum credit score or financial requirement needed by an individual to qualify for certain loans, services, or credit lines.

Open Account Agreement

A financial arrangement between sellers and buyers allowing the buyer to pay the seller at a later date, commonly used in international trade.

Least Safe

Describing a condition or situation that poses the most significant risk of harm, injury, or danger to individuals or property.

Unfavorable Balance

Describes a situation where a country's imports exceed its exports, leading to a deficit in the balance of payments.