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If the supply of a good decreases while demand remains constant, what happens to

Practice Questions

Q1
If the supply of a good decreases while demand remains constant, what happens to the equilibrium price?
  1. Equilibrium price decreases
  2. Equilibrium price increases
  3. Equilibrium price remains the same
  4. Equilibrium price becomes unpredictable

Questions & Step-by-Step Solutions

If the supply of a good decreases while demand remains constant, what happens to the equilibrium price?
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