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August 31, 2014

Homework Help: Economics: Market Equilibrium

Posted by Anonymous on Friday, September 19, 2008 at 11:50pm.

Question:
The market for shoes in 1997. Between 1997 and 1998, the equilibrium price of shoes remained constant, but the equilibrium quantity of shoes decreased. From this, you can conclude that between 1997 and 1998, the supply of shoes _______ and the demand for shoes ______________. Would this affect the supply and demand curve?

My Answer:
The first blank is decrease.
The second blank is increase.
Both the supply and demand curves would be affected. The supply curve would shift to the left and the demand curve would shift to the right. ---- Am I right or am I off?

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