State whether the following statements are true or false:(a) With supp

1.	State whether the following statements are true or false:(a) With supply curve remaining unchanged, when demand curve shifts rightward, the equilibrium quantity decreases and equilibrium price decreases. (b) In a perfectly competitive market, equilibrium occurs where market demand equals market supply.
Answer» (a) False (b) True

State whether the following statements are true or false:(a) With supply curve remaining unchanged, when demand curve shifts rightward, the equilibrium quantity decreases and equilibrium price decreases. (b) In a perfectly competitive market, equilibrium occurs where market demand equals market supply.

Answer»

(a) False

(b) True