If Both the Supply and Demand Curves Shift to the Left,then

question 222

Multiple Choice

If both the supply and demand curves shift to the left,then we can conclude that there will be a(n) :

• A) increase in the equilibrium quantity sold.
• B) decrease in the equilibrium quantity sold.
• C) increase in the equilibrium price.
• D) decrease in the equilibrium price.
• E) a change in quantity that is indeterminate.

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Definitions:

Business's Accounts

Records that summarize a company's financial transactions, including assets, liabilities, revenues, and expenses.

Expense

A cost or charge that is incurred in the process of generating revenue, typically classified on an income statement.

Liability

A financial obligation or amount owed by an individual or entity, typically representing loans or accounts payable.

Asset

Resources owned or controlled by a business that are expected to produce future economic benefits.