Asked by
robbie velez
on Nov 17, 2024
Verified
A decrease in supply will cause an increase in price, which will cause a decrease in quantity demanded.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price point in a certain period.
Decrease
A reduction in quantity, size, or intensity of a particular entity or activity.
Increase
An upward movement in quantity, price, or value.
- Identify the effects of supply and demand shifts on market equilibrium.
Verified Answer
TJ
Learning Objectives
- Identify the effects of supply and demand shifts on market equilibrium.