Asked by
Kevin Longstreet
on Dec 11, 2024
Verified
If we observe an increase in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by
A) an increase in the supply of the good.
B) an increase in the demand for the good.
C) a decrease in the demand for the good.
D) a decrease in the supply of the good.
Supply
The total amount of a specific good or service that is available to consumers at a given time and price.
Demand
Refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.
- Identify the implications of supply and demand shifts on the equilibrium prices and quantities within the market.
Verified Answer
AH
Learning Objectives
- Identify the implications of supply and demand shifts on the equilibrium prices and quantities within the market.