Question

Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result A. both the equilibrium price and quantity of DVD players will decrease. B. the equilibrium price of DVD players will decrease: the equilibrium quantity may increase or decrease. quantity will decrease increase or decrease. C. the equilibrium price of DVD players may increase or decrease; the equilibrium D. the equilibrium price of DVD players will increase; the equilibrium quantity may

Answer 1

Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result the equilibrium price of DVD players will increase; the equilibrium quantity will decrease.

How is the equilibrium of the market impacted by changes in the supply and demand curves?

The impact on price results from a shift along the supply curve rather than an abrupt change in supply. Price and quantity traded decrease as a result of an inward shift in demand. The supply elasticity determines how much the price and quantity will shift from one equilibrium to another. An equilibrium price, also known as a market clearing price, is the agreed upon price when a product transaction takes place. On a graph, this price is determined by the interaction of supply and demand.

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