Please answer questions 13-16

13. When demand and supply decrease in a market at the same time, you can accurately predict their effect on a. equilibrium quantity only. b. equilibrium price only. c. both equilibrium price and quantity. d. neither one, life is so unpredictable. 14. Equilibrium price must decrease if: a. demand increases and supply increases b. demand increases and supply decreases c. demand decreases and supply decreases d. demand decreases and supply increases 15. Suppose that the global crude oil price has risen due to refinery breakdowns caused by middle-east politics and warfare. Crude oil is an input in the gasoline production. At the same time, the demand for driving and, therefore, the demand for gasoline has also risen in the United States. You can accurately predict that the domestic price of gasoline a. will rise b. will fall c. will stay the same d. could rise, fall or stay the same since we would need additional information to predict the outcome 16. Refer to Figure 5.2. An example of an effective price ceiling would be if the government set rental rates for apartments at a. $700 b.$600 c.$400 d.$500. $ 700 S 600 Price 500 400 D Number of apartments