Suppose the market for roses is currently in equilibrium. If the supply of roses falls, while at the same time the demand for roses rises, what can you say about the price and quantity of roses in the market?
If demand increases and supply decreases, the price definitely rises. The quantity is ambiguous and depends upon which effect is stronger. Draw these shifting curves in the margin of your exam book.
269 MCQ for effective preparation of the test of Microeconomics of Economics section.
Read the MCQ statement: Suppose the market for roses is currently in equilibrium. If the supply of roses falls, while at the same time the demand for roses rises, what can y .... s in the market? , keenly and apply the method you have learn through the video lessons for Microeconomics to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 5-4015.