Asked by
Roger Nobleta
on Dec 11, 2024Verified
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.
Verified Answer
SU
Learning Objectives
- Realize the consequences of supply and demand deviations on market equilibrium prices and quantities.