Asked by
Patrick Moneva
on Dec 11, 2024
Verified
If we observe a decrease in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by
A) an increase in the supply of the good.
B) an increase in the demand for the good.
C) a decrease in the demand for the good.
D) a decrease in the supply of the good.
Supply
The overall quantity of a particular product or service that is accessible to buyers.
Demand
The desire and ability of consumers to purchase a good or service at a given price.
Price
The amount of money required to purchase a good, service, or resource.
- Learn the dynamics of how supply and demand adjustments alter market equilibrium prices and quantities.
Verified Answer
NS
Learning Objectives
- Learn the dynamics of how supply and demand adjustments alter market equilibrium prices and quantities.