Graphically illustrate the impact of the decrease in the quantity demanded on the equilibrium price and...
Graphically illustrate the impact of the decrease in the quantity demanded on the equilibrium price and quantity of a good or service.
Homework Answers
A decrease in quantity demanded causes a movement along the demand curve
When the quantity demanded decreases, the market price increases from P1 to P2 which will cause the equilibrium quantity to decrease from Q2 to Q1 so the equilibrium position changes from E to E2.
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Graphically illustrate the impact of the decrease in the
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