23.03.2023 - 16:21

Fil in the accompanying table, showing whether equilibrium price and equilibrium quantity go up, down, or stay the same.

Question:

Fil in the accompanying table, showing whether equilibrium price and equilibrium quantity go up, down, or stay the same.

No Change in Supply An Increase in Supply A Decrease in Supply
No Change in Demand Price will ___. Quantity will ___. Price will ___. Quantity will ___. Price will ___. Quantity will ___.
An Increase in Demand Price will ___. Quantity will ___. Price will ___. Quantity will ___. Price will ___. Quantity will ___.
A Decrease in Demand Price will ___. Quantity will ___. Price will ___. Quantity will ___. Price will ___. Quantity will ___.
Answers (1)
  • Wynona
    April 7, 2023 в 05:11
    To fill in the table, we need to understand the effects of changes in supply and demand on equilibrium price and quantity. If there is no change in demand and supply increases, the equilibrium price will decrease and the equilibrium quantity will increase. If supply decreases, the equilibrium price will increase and the equilibrium quantity will decrease. If demand increases and there is no change in supply, the equilibrium price and quantity will both increase. If demand decreases, the equilibrium price and quantity will both decrease. Using this information, we can fill in the table as follows: No Change in Demand: - No Change in Supply: Price and Quantity will stay the same. - An Increase in Supply: Price will decrease. Quantity will increase. - A Decrease in Supply: Price will increase. Quantity will decrease. An Increase in Demand: - No Change in Supply: Price and Quantity will both increase. - An Increase in Supply: Price may increase or stay the same. Quantity will increase. - A Decrease in Supply: Price will increase. Quantity may increase or stay the same. A Decrease in Demand: - No Change in Supply: Price and Quantity will both decrease. - An Increase in Supply: Price may decrease or stay the same. Quantity will decrease. - A Decrease in Supply: Price will decrease. Quantity may decrease or stay the same.
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