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Category > Economics Posted 22 Jun 2017 My Price 6.00

A decrease in demand

A decrease in demand means that quantity demanded falls

at least one price.

at a few prices.

at most prices.

at all prices.

 

According to Ronald Coase, for a free-market economy to work efficiently, there needs to be

allocation of private property rights with low transactions cost.

allocation of private property rights with high transactions cost.

a well-developed tax code.

an autocratic form of government in the country.

 

Let Qd = 10 – 2P and Qs = 3P be the demand and supply curves for used econ books. The equilibrium combination (P* and Q*) in the market is ______.

P* = 2; Q* = 5

P* = 5; Q* = 0

P* = 2; Q* = 6

P* = 6; Q* = 2

 

Suppose there is a simultaneous increase in demand and decrease in supply, what effect will this have on the equilibrium price?

It will rise

It will fall

It may rise or fall

It will remain the same

Answers

SuperTutor
(15)
Status NEW Posted 22 Jun 2017 03:06 AM My Price 6.00

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