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Exam (elaborations)
ECS1501 ASSIGNMENT 5 OF SEMESTER 1
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Q19. Suppose we observe that the equilibrium quantity of a particular good has decreased significantly over the past 5 years, with virtually no change in the equilibrium price. The most likely explanation is that, over the past 5 years, A. both supply and demand have decreased. B. both supply and demand have increased. C. supply has decreased but demand has increased. D. supply has increased but demand has decreased. The correct answer is A
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