Suppose there is a decrease in supply and an associated decrease in the quantity demanded. Which of the following events are consistent with this situation? technology has improved input prices have increased none of the other choices are correct

Suppose there is a decrease in supply and an associated decrease in the quantity demanded. Which of the following events are consistent with this situation? technology has improved input prices have increased none of the other choices are correct

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 4MC

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Question

Suppose there is a decrease in supply and an associated decrease in the quantity demanded. Which of the following events are consistent with this situation?

technology has improved

input prices have increased

none of the other choices are correct

some buyers have left the market

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