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Ameena Tariq
on Nov 11, 2024

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For a given upward-sloping supply curve,a decrease in demand will lead to a(n) :

A) increase in supply.
B) decrease in supply.
C) increase in quantity supplied.
D) increase in equilibrium price.
E) decrease in equilibrium price.

Upward-Sloping Supply

A graphical representation indicating that as the price of a good increases, the quantity supplied also increases, assuming other factors remain constant.

Decrease in Demand

occurs when consumers are less willing to purchase a product or service at all price levels, often visualized as a leftward shift of the demand curve.

Equilibrium Price

The market price at which the quantity demanded of a product equals the quantity supplied, leading to a stable market condition.

  • Capture the understanding of market equilibrium and the effect of shifts in supply and demand on the equilibrium price and quantity.
  • Evaluate market frameworks to understand the consequences of supply and demand dynamics on the directional variation in equilibrium price and quantity.
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Quita CrawfordNov 12, 2024
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