Question
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 (Pe) of X; and (3) the equilibrium quantity (Qe) of X
Refer to the given information. An increase in the prices of resources used to produce X will:
A) Increase S, increase Pe, and increase Qe.
B) decrease S, decrease P, and decrease Q.
C) Increase D, increase Pe, and increase Qe.
D) Decrease S, increase Pe, and decrease Qe.
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