Question

In one or two sentences, identify a change (either increase or decrease) in supply or demand that would cause the equilibrium price to increase

Answer 1

A supply curve is a graph that show the number of goods that a producer supply at a certain price at a given point in time. A decrease in supply will cause the equilibrium price to increase. When there is a decrease in supply, the price of the product in the market will increase and the equilibrium price will also increase.