Answer to Question #323097 in Microeconomics for Lemuwani Gabara

Question

Suppose the market is in equilibrium – which of the following will always result in an increase in the equilibrium price?

Select one:

a.

a decrease in both the supply and demand

b.

a decrease in demand and an increase in supply

c.

a decrease in supply and an increase in demand

d.

an increase in both the supply and demand

Answer 1

C. A decrease in supply and an increase in demand