If the demand for a good falls by less than the supply of the good rises, then the good’s equilibrium price will __________ and

Question

Kipish [7]

4 years ago

11

If the demand for a good falls by less than the supply of the good rises, then the good’s equilibrium price will __________ and

its equilibrium quantity will __________. rise; fall rise; rise fall; fall fall; rise

Business

1 answer:

STatiana [176] · Answer 1 · 2022-01-07T03:30:04+03:00

If the demand for a good falls by less than the supply of the good rises, then the good’s equilibrium price will fall and its equilibrium quantity will rise.
According to the law of demand indicates that as price increases, consumers are willing and able to purchase less so the quantity demanded will fall and cause the downward sloping demand curve. So when price falls, consumers are willing and able to purchase more.