If Demand Increases and Supply Decreases

question 69

Multiple Choice

If demand increases and supply decreases,

• A)equilibrium price will fall and equilibrium quantity will rise
• B)equilibrium price and quantity will both rise
• C)equilibrium quantity will rise; equilibrium price will either rise or fall
• D)equilibrium price will fall; equilibrium quantity will either rise or fall
• E)equilibrium price will rise; equilibrium quantity will either rise, fall, or remain unchanged

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Definitions:

Lawyer And Client

The professional relationship between a lawyer and their client, characterized by trust, confidentiality, and the obligation to work in the client's best interests.

Salesperson And Customer

The relationship and interaction between an individual who sells products or services and the individual who buys or is intending to buy those products or services.

Mutual Mistake

A situation where all parties involved in a contract are mistaken about a fundamental fact at the time of contract formation, potentially making the contract voidable.

Risk Of Mistake

A legal principle concerning the risks associated with the potential for misunderstanding or miscommunication in the terms of a contract or agreement.