Use the Following to Answer Questions

question 81

Multiple Choice

Use the following to answer questions :
Figure 3-2
-Let P* and Q* represent market clearing price and quantity, respectively.Given the supply and demand curves drawn in Figure 3-2, a reduction in the price of an input used in the production of Q will cause:

• A)P* and Q* to climb.
• B)P* to climb while Q* falls.
• C)P* to climb while Q* holds steady.
• D)P* to fall while Q* climbs.
• E)P* and Q* to fall.

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