Asked by

Roger Nobleta
on Dec 11, 2024

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A decrease in supply will cause

A) an increase in demand.
B) a decrease in demand.
C) an increase in quantity demanded.
D) a decrease in quantity demanded.
E) a decrease in equilibrium price.

Supply

The total quantity of a good or service that is available for purchase at various price levels in a given market.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given point in time.

Equilibrium Price

is the price at which the quantity demanded of a good equals the quantity supplied, leading to market balance.

  • Realize the consequences of supply and demand deviations on market equilibrium prices and quantities.
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Student: Ussad ElwaseemDec 11, 2024
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