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In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. An improvement in the technology used to produce X will decrease S, increase P, and decrease Q. decrease S, increase P, and increase Q. increase S, decrease P, and increase Q. decrease D, decrease P, and decrease
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