Asked by Griffin Skubish on May 12, 2024

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If supply is upward sloping,a decrease in demand with no change in supply will lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium price.

A) increase;increase
B) increase;decrease
C) decrease;increase
D) decrease;decrease

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price in a market.

Equilibrium Price

The price point in the market where the amount of products offered meets the amount of products wanted.

Demand

The level of demand for a good or service that purchasers have the desire and financial ability to acquire at varying prices over a designated period.

  • Recognize the correlation between adjustments in the supply and demand curves and their influence on the equilibrium price and quantity.
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US
Ubaid ShaikhMay 18, 2024
Final Answer :
D
Explanation :
If there is a decrease in demand with no change in supply, this means that there will be an excess supply of goods, leading to a decrease in equilibrium quantity. Since the supply curve is upward sloping, this excess supply will put downward pressure on prices, leading to a decrease in equilibrium price. Therefore, the correct answer is D, decrease in equilibrium quantity and decrease in equilibrium price.