Question

effect on equilibrium price in local market ​

Answer 1

Answer:

Answer:When a market is in equilibrium, the price of a good or service tends to stay the same. Equilibrium is the price at which the quantity demanded by consumers is equal to the quantity that's supplied by suppliers.

Answer 2

A decrease in supply is illustrated by a leftward shift of the supply curve - this will cause the equilibrium price to rise. ... When both the demand and the supply curves increase, both curves will shift to the right, and quantity increases, but price is ambiguous.