83) Suppose there is excess supply in a market and the price decreases. Which of the following combinations of events will occur?

There will be a fall in quantity supplied and a rise in quantity demanded

There will be a fall in quantity supplied and a rise in demand

There will be a fall in supply and a rise in quantity demanded

There will be a fall in supply and a rise in demand

Answer is:

There will be a fall in quantity supplied and a rise in quantity demanded

An excess supply

A fall in price

A fall in supply

A fall in the equilibrium level of expenditure

Answer is:

An excess demand at the initial equilibrium price

An excess demand at the new equilibrium price

An excess supply at the initial equilibrium price

An excess supply at the new equilibrium price

Answer is:

An excess supply

A fall in price

A rise in the quantity traded

A fall in the equilibrium level of expenditure

Answer is:

A fall in the price of a complement

A rise in consumer incomes

An increase in the number of buyers

An expected rise in price

Answer is: