For a Given Downward-Sloping Demand Curve,a Decrease in Supply Will

question 136

Multiple Choice

For a given downward-sloping demand curve,a decrease in supply will cause a(n) :

• A)increase in demand.
• B)increase in equilibrium quantity.
• C)increase in quantity demanded.
• D)decrease in quantity demanded.
• E)decrease in equilibrium price.

Predict market outcomes (e.g., surplus, shortage) from given shifts in supply and/or demand.

Understand the differences and purposes of different types of contracts (C.I.F., F.O.B., C.O.D.).

Recognize the application of the Privity of Contract and consumer transaction laws.

Understand the purpose and main provisions of the Sale of Goods Act.

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