If Both Supply and Demand Decrease Simultaneously, the New Equilibrium

question 66

Multiple Choice

If both supply and demand decrease simultaneously, the new equilibrium price is ___________ and the new equilibrium quantity is _________________.

• A)lower; lower
• B)lower; indeterminate
• C)indeterminate; higher
• D)indeterminate; lower

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Definitions:

Random Number Intervals

A sequence or range of numbers generated in a way that each number has an equal chance of appearing, used in simulations and probability assessments.

Probability Distribution

A mathematical function outlining all potential values and their probabilities for a random variable within a specific range.

Monte Carlo Method

A computational technique that uses random sampling and statistical modeling to estimate mathematical functions and simulate the behavior of various physical and mathematical systems.