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 (O) of X Refer to the given information. An increase in the prices of resources used to produce X will:
a. decrease S, increase P, and decrease Q.
b. increase S, increase P, and increase Q.
c. decrease S, decrease P, and decrease Q
d. increase D, increase P, and increase Q.
Answers: 3
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In the following question you are asked to determine, other things equal, the effects of a given cha...
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