Suppose That for a Given Good,demand Decreases and Supply Decreases

question 60

Multiple Choice

Suppose that for a given good,demand decreases and supply decreases at the same time.If demand decreases by a greater amount than supply decreases,then equilibrium price __________ and equilibrium quantity __________ for that good.

• A) rises; rises
• B) rises; falls
• C) falls; rises
• D) falls; falls

Identify factors affecting business location decisions including site selection and accessibility.

Comprehend the distribution channel structures and their impact on business operations.

Recognize the role of intermediaries in the distribution process and the importance of choosing the correct channel for product distribution.

Understand the significance of the Four P's of marketing, specifically place, in business success.

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Definitions:

Luxury Items

High-end products or services that are considered to be unnecessary but desirable and are associated with wealth or indulgence.

Sanitary Landfill

A waste disposal site designed for the secure confinement of waste material, using engineering measures to prevent contamination of groundwater or air and minimize the area impacted by waste.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data values, used to assess the reliability and variability of a dataset.

Company Dump Trucks

Heavy-duty vehicles owned by a company used for transporting large quantities of materials such as dirt, rocks, and sand.