Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What happens to price and quantity when demand increases but supply remains constant?
What happens to price and quantity when demand increases but supply remains constant?
- Price increases, quantity increases (correct)
- Price increases, quantity decreases
- Price decreases, quantity increases
- Price decreases, quantity decreases
What is the likely impact on price and quantity when both demand and supply increase?
What is the likely impact on price and quantity when both demand and supply increase?
- Price increases, quantity decreases
- Price may increase, quantity could increase or decrease (correct)
- Price increases, quantity increases
- Price decreases, quantity increases
In a market, what effect does a decrease in supply have on equilibrium price and quantity?
In a market, what effect does a decrease in supply have on equilibrium price and quantity?
- Price increases, quantity decreases (correct)
- Price decreases, quantity increases
- Price increases, quantity increases
- Price decreases, quantity decreases
