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A decrease in supply with no change in demand will lead to ________ in equilibrium quantity and ________ in equilibrium price. A.a decrease; an increase
- A decrease in supply with no change in demand will lead to ________ in equilibrium quantity and ________ in equilibrium price.
- A.a decrease; an increase
- B.a decrease; a decrease
- C.an increase; a decrease
- D.an increase; an increase
- Price is $3 and total revenue is $600. If price decreases to $2 and total revenue increases to $800, you know that the demand for the product is:
- elastic.
- inelastic.
- unitary.
- perfectly inelastic.
- perfectly elastic
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