Question

Explain in simple words

An increase in supply and a decrease in demand (visa-versa)​

Answer 1

Explanation:

If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services. ... However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa.

Answer 2

Answer:

leads to decrease in the price and vice versa