You are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product Xupon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X.
Refer to the above. A decrease in the number of consumers of product X will:
Multiple Choice
decrease S, decrease P, and decrease Q.
Increase D, increase P, and increase Q.
decrease D, decrease P, and decrease Q.
decrease D, decrease P, and increase Q.