Which of the Following Would Cause Both the Equilibrium Price

question 232

Multiple Choice

Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good) to decrease?

• A)an increase in consumer income
• B)an oil spill that sharply reduces oyster output
• C)a decrease in consumer income
• D)a technological advancement in the production of oysters

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Definitions:

Traveler's Check

A preprinted, fixed-amount check designed to allow the person signing it to exchange it for cash in a foreign currency while traveling.

Conference Expenses

Costs associated with attending or hosting a professional gathering, including travel, accommodation, and registration fees.

Forwarding Address

An address where mail is sent after the recipient has moved from their previous location, ensuring the mail reaches the correct party.

Voucher Checks

A type of check that includes details of the rationale for the check's issuance and the accounts to be charged.