Question

What will be the. Effects of decrease in demand for a good on its equilibrium price quantity when it's supply is constant? Explain

Answer 1

Answer:

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.

Explanation:

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