If the supply (level) of RNs decreases, and the level of demand for healthcare increases, what...
If the supply (level) of RNs decreases, and the level of demand for healthcare increases, what will happen to the equilibrium price and quantity?
| a. Price will increase and quantity will increase. |
| b. Price will increase and quantity will decrease. |
| c. Price will increase and quantity will be indeterminate |
| d. Price will be indeterminate and quantity will decrease. |
| e. None of the above. |
Homework Answers
Answer: c). Price will increase and quantity will be indeterminate.
With a decrease in supply and increase in demand, the equilibrium price rises and the equilibrium quantity remains indeterminate or unknown.
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