2. Suppose General Electric, one of the largest suppliers of light bulbs, decides to discontinue its production of light bulbs. SELECTED THE CORRECT ANSWER a. Which of the following will occur in the...



2. Suppose General Electric, one of the largest suppliers of light bulbs, decides to discontinue its production of light bulbs.



SELECTED THE CORRECT ANSWER


a. Which of the following will occur in the market for light bulbs?


-demand will increase



-supply will decrease



-demand will decrease



-supply will increase








b.
Will General Electric's exit from the light bulb market result in a shortage or surplus of light bulbs at the previous price? Will the price of light bulbs _rise or fall?


_shortage, fall



_surplus, rise



_shortage, rise



_surplus, fall






Jun 08, 2022
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