a. equilibrium quantity rises. the effect on equilibrium price is unknown.
b. equilibruium price declines, and equilibrium quantity rises
c. equilibrium quantity declines. the effect on equilibrium price is unknown
d. equilibrium price rises, and equilibrium quantity declines
What is the effect on equilibrium price and quantity of the gasoline market if the organization for petroleum export countries raises oil export quotas?
a. equilibrium quantity rises. the effect on equilibrium price is unknown
b. equilibrium price declines, and equilibrium quantity rises
c. equilibrium quantity declines. the effect on equilibrium price is unknown
d. equilibrium price rises, and equilibrium quantity declines
What is the effect on equilibrium price and quantity of the digital cameras and market if digital image albums become the rage among households while improved technology reduces the cost of producing digital cameras?
a. equilibrium quantity rises. the effect on equilibrium price is unknown
b. equilibriium price declines, and equilibrium quantity rises
c. equilibrium quantity declines. the effect on equilibrium price is unknown
d. equilibrium price rises, and equilibrium quantity declines
What is the effect on equilibrium price and quantity of the gasoline market if hurricanes in the gulf coast cause gasoline supply disruptions while the summer travel season ends?
a. Equilibrium quantity rises. the effect on equiibrium price is unknown
b. equilibrium price declines, and equilibrium quantity rises
c. equilibrium quantity declines. the effect on equilibrium price is unknown
d. equilibrium price rises, and equilibrium quantity declines.
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