A Decrease in the Demand for Incandescent Light Bulbs Due

question 167

Multiple Choice

A decrease in the demand for incandescent light bulbs due to changes in consumer tastes, accompanied by a decrease in the supply of incandescent light bulbs as a result of government restrictions, will result in

• A)a decrease in the equilibrium quantity of incandescent light bulbs and no change in the equilibrium price.
• B)a decrease in the equilibrium price of incandescent light bulbs and no change in the equilibrium quantity.
• C)a decrease in the equilibrium price of incandescent light bulbs; the equilibrium quantity may increase or decrease.
• D)a decrease in the equilibrium quantity of incandescent light bulbs; the equilibrium price may increase or decrease.

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Definitions:

Land Purchase

The act of acquiring property in the form of land, often for commercial or residential development.

Cash

Currency or coins, along with deposits in bank accounts and other items that are available to pay off debts or to use in transactions immediately.

Cash Receipts

This records the total amount of cash received by an entity within a specific period, from various sources including sales, loan proceeds, asset sales, etc.

Cash Received

Money that a business or individual takes in, often measured over a period to assess cash flow.