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

---

Definitions:

Normal Population

A population with a distribution that follows a normal curve, characterized by symmetrical, bell-shaped graph.

Standard Deviation

A measure of the dispersion or variability within a dataset, quantifying the average distance of each data point from the mean.

Test Statistic

A calculated value from sample data used to assess the credibility of a hypothesis in statistics.

Production Filling

A process in manufacturing that involves the controlled dispensation of products, often liquids, into containers.