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MAVERICK [17]
3 years ago
9

What is the effect of a change in price on quantity demanded?

Social Studies
1 answer:
stealth61 [152]3 years ago
5 0

A decrease in demand and an increase in supply will cause a fall in equilibrium price, but the effect on equilibrium quantity cannot be determined. 1. For any quantity, consumers now place a lower value on the good, and producers are willing to accept a lower price; therefore, price will fall.

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