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Homework answers / question archive / Consider the following statement
Consider the following statement. Is the statement true, false or uncertain? Explain.
"The equilibrium price of a good will rise in response to either a rise in demand or a fall in supply.
The given statement is TRUE
A decline in the supply will lead to higher prices and lower quantities and an increase in the demand will lead to an increase in the price and quantity. The price would rise in the given scenario.
