Asked by Shannen Relova on May 06, 2024
Verified
If supply is upward sloping,a shift of a demand curve to the right,all other things unchanged,will:
A) increase equilibrium price and quantity.
B) decrease equilibrium price and quantity.
C) decrease equilibrium quantity and increase equilibrium price.
D) increase equilibrium quantity and decrease equilibrium price.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Equilibrium Quantity
Equilibrium Quantity is the quantity of goods or services that is supplied and demanded at the equilibrium price, where market supply and demand balance.
Demand Curve
A chart that demonstrates how the demand for a product changes in response to its price during a particular period.
- Understand the relationship between shifts in supply and demand curves and their impact on equilibrium price and quantity.
Verified Answer
Learning Objectives
- Understand the relationship between shifts in supply and demand curves and their impact on equilibrium price and quantity.
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