Asked by Agnes Arzumanyan on Jun 17, 2024
Verified
When supply falls and demand remains the same,equilibrium price _______ and equilibrium quantity __________.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a stable market condition.
Equilibrium Quantity
The supply and demand for goods or services at the price point where equilibrium is achieved in a market.
- Study the influence of supply and demand dynamics on the steadiness of market prices.
- Master the understanding of price and quantity equilibrium in the market context.
Verified Answer
GB
Learning Objectives
- Study the influence of supply and demand dynamics on the steadiness of market prices.
- Master the understanding of price and quantity equilibrium in the market context.