connorrusso4828 connorrusso4828

22-03-2022
Business

contestada

How will the equilibrium price and quantity change if there is an increase in demand and a
decrease in supply? Draw the original curves and the new curves after the shift.

Respuesta :

davedadonn12 davedadonn12

22-03-2022

Answer:

Explanation:

The same inverse relationship holds for the demand for goods and services. However, when demand increases and supply remains the same, the higher demand leads to a higher equilibrium price and vice versa. Supply and demand rise and fall until an equilibrium price is reached.

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