Answered: Which of the following is true? OA.…

Which of the following is true? OA. Quantity rises and the effect on price is unknown B. Quantity is unknown and price rises OC. Quantity rises and price falls OD. Quantity and price rise q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following is true?
OA. Quantity rises and the effect on price is unknown
B. Quantity is unknown and price rises
OC. Quantity rises and price falls
OD. Quantity and price rise
q

Expert Solution

Step 1

An equilibrium is a balance of demand and supply factors. Changes in the equilibrium price occurs when either demand or supply, or both, shift or move.

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