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If demand is downward sloping, a decrease in supply with no change in demand will lead to a(n) _ in equilibrium quantity and a(n) _ in equilibrium price.
increase; decrease
decrease; decrease
increase; increase
decrease; increase

Answer :

tutordamola tutordamola

Today at 6:06 PM

Answer:

Decrease in equilibrium quantity

Increase in equilibrium price.

Explanation:

Because the demand is downward sloping, an increase in price will lead to decrease in quantity demanded and vice-versa.

Here, there is a decrease in supply with no change to demand, this will lead to scarcity of the product and very soon scarcity will drive the price of the product high and because the demand is downward sloping, quantity demanded will drop

So the situation in the question above will lead to a decrease in equilibrium quantity and an increase in equilibrium price.

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