ECONTuteNotes128.pdf - 407 Award 1.00 point What would best...

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407. Award: 1.00 point 408. Award: 1.00 point What would best explain why the equilibrium price of pink salmon decreased and the equilibrium quantity increased? The increase in demand was greater than the decrease in supply. The decrease in demand was greater than the decrease in supply. The increase in supply was greater than the decrease in demand. The decrease in supply was greater than the increase in demand. References Multiple Choice Difficulty: 02 Medium Learning Objective: 03-05 Explain how changes in supply and demand affect equilibrium prices and quantities. If the price of oil increases significantly, buyers and sellers of gasoline will both expect the price of gasoline to also increase. If sellers of gasoline act on their expectations more than the buyers do, then the equilibrium price of gasoline will increase, while the equilibrium quantity will decrease. the equilibrium price of gasoline will increase, while the equilibrium quantity will increase.
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