Asked by
Gabby Andrade
on Nov 05, 2024
Verified
Which of the following will definitely occur when there is a decrease in demand for and an increase in supply of potato chips?
A) an increase in equilibrium price
B) a decrease in equilibrium price
C) an increase in equilibrium quantity
D) a decrease in equilibrium quantity
Equilibrium Price
The cost at which the amount of a product sought by buyers matches the amount provided by sellers, achieving equilibrium in the market.
Demand for
The desire and willingness of consumers to purchase a specific quantity of goods or services at a given price over a particular period.
- Master the concept of market equilibrium and analyze the consequences of supply and demand shifts on the equilibrium price and quantity.
Verified Answer
NJ
Learning Objectives
- Master the concept of market equilibrium and analyze the consequences of supply and demand shifts on the equilibrium price and quantity.