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?

Economics: Market Equilibrium  SraJMcGin, Saturday, September 20, 2008 at 9:50am
Thank you for using the Jiskha Homework Help Forum. It is the "supply and demand" in effect here.
The supply decreases, the price goes up because even if the demand does not change, it will be harder to fill all the requests.
The supply increases (floods the market), the price drops because no one needs all the shoes available.
Would it affect the curve? Definitely.
Sra
Answer This Question
Related Questions
 Please explain (Math)  The demand equation for a certain brand of GPS Navigator...
 Math Please Help  The demand equation for a certain brand of GPS Navigator is x...
 Math Help  The demand equation for a certain brand of GPS Navigator is x + 3p...
 Math Help  The demand equation for a certain brand of GPS Navigator is x + 3p...
 math  Of the following, which must be true whenever x^1998 = y^1998? A. x^999=y...
 math  The price of a certain commodity is a function of supply and demand. The ...
 Math  The pric of a certain commodity is a function of supply and demand. The ...
 Math  For the pair of supplyanddemand equations, where x represents the ...
 Economics  Consider a country that initially consumes 100 pairs of shoes per ...
 college finite math  The quantity demanded x each month of Russo Espresso ...
More Related Questions