demand increases, at the new equilibrium: a) the price of the good decreases and the amount purchased increases. b) producers will produce less of the product than before. c) more of the product will be purchased at a higher price. d) less of the product will be purchased at a lower price

demand increases, at the new equilibrium: a) the price of the good decreases and the amount purchased increases. b) producers will produce less of the product than before. c) more of the product will be purchased at a higher price. d) less of the product will be purchased at a lower price

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 3MC

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If demand increases, at the new equilibrium:

a) the price of the good decreases and the amount purchased increases.

b) producers will produce less of the product than before.

c) more of the product will be purchased at a higher price.

d) less of the product will be purchased at a lower price.

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