48. When supply decreases and demand does not change, the equilibrium quantity: Select one: a. increases and the price falls. b. decreases and the price falls. c. increases and the price rises d. decreases and the price rises. 32. The individual firm has no control on the price, l.e. they are price takers, under: 8 19 Select one: a. Oligopoly b. Perfect competition c. Monopoly d. Monopolistic competition 22 29 36 28. A situation where buyers and sellers can agree on an illegal price above the price ceiling is called: 43 50 Select one: a. Shadow market b. Market clearing c. free markets d. Market equilibrium 57 Finis