​ ​-If the Supply of and Demand for a Product Decrease

question 39

Multiple Choice

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-If the supply of and demand for a product decrease at the same time,then equilibrium

• A) quantity and equilibrium price must both decline.
• B) quantity must decline,but equilibrium price may either rise,fall,or remain unchanged.
• C) price must fall,but equilibrium quantity may either rise,fall,or remain unchanged.
• D) quantity must fall and equilibrium price must rise.

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Definitions:

Basic Information

Fundamental facts or principles about a subject or situation.

Equal Influence

A situation in decision-making processes where all participants have an equal say or impact.

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Shared objectives or targets that a group collectively works towards achieving, often within a specified timeframe.

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