The market for cruises is at its market equilibrium when two events occur: cruise companies increase the number of cruise ships, and at the same time, cruising becomes less popular. How does the market for cruises change? The equilibrium price of a cruise ________ and the equilibrium quantity of cruises _______. A. falls; might increase, decrease, or not change B. falls; increases C. rises; decreases D. might rise, fall, or not change; decreases Thanks

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
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The market for cruises is at its market equilibrium when two events occur: cruise companies increase the number of cruise ships, and at the same time, cruising becomes less popular. How does the market for cruises change?
 
The equilibrium price of a cruise ________ and the equilibrium quantity of cruises _______.
 
 
A.
falls; might increase, decrease, or not change
 
B.
falls; increases
 
C.
rises; decreases
 
D.
might rise, fall, or not change; decreases
Thanks
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