An increase in demand and a decrease in supply will cause an increase in equilibrium price, but the effect on equilibrium quantity cannot be detennined
<h3>What is
equilibrium price?</h3>
In economics, economic equilibrium is a state in which economic forces such as supply and demand are balanced and the values of economic variables do not change in the absence of external influences.
Equilibrium is the economic condition in which market demand and market supply are equal to each other, resulting in price stability. Normally, when the supply of goods and services exceeds the demand over time, the price falls, resulting in more demand.
Microeconomic and macroeconomic equilibrium are two types of economic equilibrium. Supply and demand between buyers and sellers are balanced in microeconomics. An economy achieves aggregate demand and aggregate supply balance through macroeconomics. Competitive prices are an essential component of the theory.
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Answer:
The answer is
A.
accepting mistakes and rectifying them
Explanation:
Answer:
The correct answer is letter "D": Inflation adjusted, real.
Explanation:
The real value is one that has been adjusted for inflation, allowing amounts to be measured as if the market price of goods had remained the same. Moreover, real-life modifications in value omit the impact of inflation. Following this process, the <em>real Gross Domestic Product</em> (<em>GDP</em>) can be calculated.
