Business, 11.02.2020 21:50 mckenziet73

How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity increase or decrease, or are the answers indeterminate because they depend on the magnitudes of the shifts?a. Supply decreases and demand is constant - equilibrium price increases, equilibrium quantity falls.
b. Demand decreases and supply is constant - equilibrium price decreases, equilibrium quantity falls.
c. Supply increases and demand is constant - equilibrium price decreases, equilibrium quantity increases.
d. Demand increases and supply increases - equilibrium price is indeterminate, equilibrium quantity increases.
e. Demand increases and supply is constant - equilibrium price increases, equilibrium quantity increases too.
f. Supply increases and demand decreases - equilibrium price falls, equilibrium quantity is indeterminate.
g. Demand increases and supply decreases - equilibrium price increases, equilibrium quantity is indeterminate.
h. Demand decreases and supply decreases - equilibrium price is indeterminate, equilibrium quantity falls.

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How will each of the following changes in demand and/or supply affect equilibrium price and equilibr...

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