Question
Consider a market where demand is given by P=1200-2.5Qd and supply is P=200+1.5Qs. Assuming that the equilibrium changed to (Pe, Qe)=(500, 200), which of the
Consider a market where demand is given by P=1200-2.5Qd and supply is P=200+1.5Qs. Assuming that the equilibrium changed to (Pe, Qe)=(500, 200), which of the following is a possible change which took place in this market?
a.Supply did not change, but demand decreased.
b.Demand decreased, but supply increased.
c.Demand did not change, but supply decreased.
d.Both supply and demand decreased.
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
