Asked by Patrick Pedersen on Apr 25, 2024
Verified
If supply is upward sloping,an increase in demand,all other things unchanged,will result in a(n) _____ in equilibrium price and a(n) _____ in equilibrium quantity.
A) increase;increase
B) decrease;decrease
C) decrease;increase
D) increase;decrease
Upward Sloping
Describes a line on a graph that shows an increase in a variable as another variable increases.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.
Equilibrium Quantity
Equilibrium Quantity is the quantity of goods or services that is supplied and demanded at the point where the supply and demand curves intersect, indicating a market balance.
- Comprehend the impacts of changes in supply and demand within different market contexts.
- Understand the consequences of external events on equilibrium pricing and the volume of goods in the market.
Verified Answer
Learning Objectives
- Comprehend the impacts of changes in supply and demand within different market contexts.
- Understand the consequences of external events on equilibrium pricing and the volume of goods in the market.
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