3. The Market Forces of Supply and Demand
Using the Supply and Demand Curves to Find Equilibrium
Multiple Choice
Multiple ChoiceIf producers of garden hoses have discovered new technology to improve production, while the number of gardeners increases, what happens in the market for garden hoses?
A
Equilibrium price rises, equilibrium quantity ambiguous
B
Equilibrium price falls, equilibrium quantity falls
C
Equilibrium price ambiguous, equilibrium quantity rises
D
Equilibrium price ambiguous, equilibrium quantity falls
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