A Competitive Market Is in Equilibrium

question 332

Multiple Choice

A competitive market is in equilibrium.Then there is an increase in demand and an increase in supply.The equilibrium price ________,and the equilibrium quantity ________.

• A) rises; increases
• B) perhaps changes but we can't say if it rises, falls, or stays the same; does not change
• C) falls; increases
• D) perhaps changes but we can't say if it rises, falls, or stays the same; increases
• E) falls; perhaps changes but we can't say if it increases, decreases, or stays the same

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