Assume the Market for Ceiling Fans Is Perfectly Competitive and Is

question 18

Multiple Choice

Assume the market for ceiling fans is perfectly competitive and is currently in equilibrium.If the demand increases while the supply decreases,then we can be certain that

• A)the equilibrium price will increase.
• B)the equilibrium quantity will increase.
• C)both price and quantity will increase.
• D)both price and quantity will decrease.

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Definitions:

Biome

A large community of plants and animals that occupies a distinct region defined by its climate, soil, and vegetation types.

Mangroves

Tropical plants that grow in saline coastal waters, known for their complex root systems that provide habitats for a variety of organisms.

Intertidal

The coastal zone between high and low tide lines, experiencing both marine and terrestrial conditions.

Pelagic Zone

The open ocean area away from the coastal regions, covering the water column not located on the sea bed.