If Market Demand Decreases and Market Supply Increases, Then Equilibrium

question 236

Multiple Choice

If market demand decreases and market supply increases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____.

• A)​indeterminate; decrease
• B)​indeterminate; increase
• C)​decrease; indeterminate
• D)​increase; indeterminate

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are from the mean.

Contingency Tables

Statistical tables used to display and analyze the relationship between two or more categorical variables.

Generalizations

Statements or conclusions that are made based on specific cases or evidence but are applied more broadly to larger groups or situations.

Categorical Data

Data that fit into distinct categories such as zip code or academic major.