Asked by Griffin Skubish on May 12, 2024
Verified
If supply is upward sloping,a decrease in demand with no change in supply will lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.
A) increase;increase
B) increase;decrease
C) decrease;increase
D) decrease;decrease
Equilibrium Quantity
The quantity of goods or services supplied and demanded at the equilibrium price in a market.
Equilibrium Price
The price point in the market where the amount of products offered meets the amount of products wanted.
Demand
The level of demand for a good or service that purchasers have the desire and financial ability to acquire at varying prices over a designated period.
- Recognize the correlation between adjustments in the supply and demand curves and their influence on the equilibrium price and quantity.
Verified Answer
Learning Objectives
- Recognize the correlation between adjustments in the supply and demand curves and their influence on the equilibrium price and quantity.
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