If the price of a product were to go down, what would happen to the quantity demanded of that product?Multiple ChoiceQuantity would increase.Quantity would decrease.Demand would increase.Demand would decrease.Demand and quantity would stay the same.

If the price of a product increases, we would expect:Multiple Choicequantity demanded to increase.supply to decrease.quantity supplied to increase.demand to decrease.

If price is above the equilibrium level, competition among sellers to reduce the resulting:Multiple Choicesurplus will decrease quantity demanded and increase quantity supplied.shortage will increase quantity demanded and decrease quantity supplied.shortage will decrease quantity demanded and increase quantity supplied.surplus will increase quantity demanded and decrease quantity supplied.

What happens when supply and demand both increase?A.Quantity increases.B.Quantity decreases.C.Price increases.D.Price decreases.

What will happen as a result of a decrease in supply?Multiple ChoiceEquilibrium price and quantity both rise.Equilibrium price and quantity both fall.Equilibrium price rises and equilibrium quantity falls.Equilibrium price falls and equilibrium quantity rises.

If both demand and supply change simultaneously, the effect on either price or quantity will be .