If the demand for a product remains the same and the supply falls,
A) the market clearing price will fall and the equilibrium quantity will rise.
B) the market clearing price will rise and the equilibrium quantity will fall.
C) both the market clearing price and the equilibrium quantity will fall.
D) both the market clearing price and the equilibrium quantity will rise.
Question 2
There is an increase in the demand for cream when the price of coffee falls. Other things constant, we can conclude that coffee and cream are
A) substitute goods.
B) inferior goods.
C) independent goods.
D) complementary goods.
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