Asked by
THELMA Dowdye
on Nov 17, 2024Verified
A decrease in demand will cause a decrease in price, which will cause a decrease in supply.
Decrease in Demand
A situation where consumers are willing and able to purchase less of a good or service at any given price, often reflected in a leftward shift of the demand curve.
Decrease in Price
A reduction in the cost of a good or service, often resulting in increased demand or consumption.
Decrease in Supply
A reduction in the total amount of a given good or service that is available to consumers, often leading to higher prices.
- Recognize the elements that cause changes in supply and demand graphs.
- Investigate the impact of simultaneous variations in demand and cost variables on the equilibrium of the market.
Verified Answer
JK
Learning Objectives
- Recognize the elements that cause changes in supply and demand graphs.
- Investigate the impact of simultaneous variations in demand and cost variables on the equilibrium of the market.