A decrease in the supply of a good can be expected to cause in the equilibrium price of the good and in the equilibriu

Question

slava [35]

3 years ago

10

A decrease in the supply of a good can be expected to cause in the equilibrium price of the good and in the equilibriu

m quantity of the good bought and sold

Business

1 answer:

JulsSmile [24] · Answer 1 · 2022-07-03T05:58:29+03:00

Answer:

Increase, Decrease

Explanation:

A decrease in the supply results in many buyers competing for very few goods. If the demand is constant, the quantity supplied and price have an indirect relationship. A decrease in the volume of supplied results in an increase in price. Many buyers will be competing for a few products causing the equilibrium price to increase.

A decrease in supply will cause the quantity available for buyers to buy to decline. Consequently, the volume purchased will be fewer. Equilibrium quantity will, therefore, decrease.

A decrease in the supply of a good can be expected to cause ____ in the equilibrium price of the good and ____ in the equilibriu

A decrease in the supply of a good can be expected to cause in the equilibrium price of the good and in the equilibriu