Consider a Market That Is in Equilibrium

question 137

Multiple Choice

Consider a market that is in equilibrium.If it experiences a decrease in supply,what will happen? The supply curve will shift to the:

• A) left and the equilibrium price and quantity will rise.
• B) left and the equilibrium price will increase and the equilibrium quantity will decrease.
• C) left and the equilibrium price and quantity will fall.
• D) right and the equilibrium price and quantity will fall.

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Definitions:

Bank Statement

A monthly or quarterly document provided by a bank, detailing all transactions in a customer's account during the statement period.

Check Register

A record book or a spreadsheet where all written checks, cash transactions, and deposits are recorded.

Outstanding Deposit

A deposit that has been made to a bank account but not yet cleared or recognized in the bank's record system.

Check Register

A record used to keep track of checks written, deposits made, and current balance in a checking account.