Question

In: Economics

1. Keeping all other things constant, a shift in demand curve to the right will lead...

1. Keeping all other things constant, a shift in demand curve to the right will lead to

a. Increase the price and quantity

b. Price will go up and quantity will go down.

c. Price will go down and quantity will go up.

d. Decrease in the price and quantity

.

2. Keeping all other things constant, a shift in supply curve to the right will lead to

a. Decrease the price and quantity

b. Price will go up and quantity will go down

c. Price will go down and quantity will go up.

d. Increase the price and quantity

.

3. In a market if a product is sold below its equilibrium price, what could be interpreted.

a. None of the above.

b. The Price will go down due to this situation

c. There will be shortage in the market for this product

d. There will be surplus in the market for this product

Expert Solution

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Rahul Sunny answered 8 months ago

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