3. Consider a demand curve for peaches. Which of the following movements will be o served if the price of peaches decline at a point in time. A. There will be a downward movement along the demand curve B. The demand curve will rotate out the given price levelC. The demand curve will rotate inward at the given price levelD. The will be a movement up along the demand curve E. The demand curve will become steeper

Question 1 2 pts A price ceiling imposed on a good that is below the equilibrium price will result in a shortage of that good. True False Question 2 2 pts Last year a firm made 1,000 units of its product available at a price of $5 per unit. This year the firm will still make 1,000 units available, but only if the price is $7 per unit. What is most likely to have happened? Quantity demanded has increased Supply has increased Demand has decreased Supply has decreased Quantity supplied has increased