Which of the following statements is (are) correct? (x) If the supply

Which of the following statements is (are) correct? (x) If the supply of a product decreases, then a shortage exists at the initial equilibrium price and the price would rise to a new equilibrium price. (y) If the demand for a product increases or the supply of a product decreases, the market would experience a shortage at the initial equilibrium price. (z) If the demand for a product decreases, then a surplus exists at the initial equilibrium price and the quantity would rise to a new equilibrium quantity. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) only Suppose the supply of apples in a competitive market decreases due to unfavorable weather conditions. As a result, there will be A. a surplus of apples at the existing actual price as the supply curve shifts to the right B. a shortage of apples at the existing actual price as the supply curve shifts to the left C. upward pressure on price that will move it to a new equilibrium that is above the initial equilibrium price and elimination of a shortage as the quantity moves to equilibrium D. downward pressure on price as a shortage is eliminated. E. B and C, only Which chain of events is an expected occurrence in the market and, in addition, occurs in the correct order? (x) Demand decreases, price decreases, quantity supplied decreases. (y) Supply increases, price decreases, quantity demanded increases (z) Supply decreases, price increases, quantity demanded increases. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (x) only

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