Asked by
Samantha Floyd
on Oct 13, 2024
Verified
When supply falls and demand rises,equilibrium price will __________ and equilibrium quantity will ____________.
A) rise;either rise,fall or stay the same
B) rise;rise
C) either rise,fall or stay the same
D) fall;fall
Equilibrium Price
The price at which the quantity of a product offered for sale by producers equals the quantity that consumers are willing to buy.
Equilibrium Quantity
The amount of goods or services supplied equals the amount demanded at the market equilibrium price.
- Examine the impact of external elements on supply and demand, resulting in shifts in market dynamics.
- Identify the impact of changes in supply and demand on the equilibrium price and quantity.
Verified Answer
MT
Learning Objectives
- Examine the impact of external elements on supply and demand, resulting in shifts in market dynamics.
- Identify the impact of changes in supply and demand on the equilibrium price and quantity.