For a given market, the equilibrium quantity of the good or service will decrease if _____.(1 point)
Responses
demand decreases and supply increases
demand decreases and supply increases
demand increases and supply decreases
demand increases and supply decreases
demand increases and supply increases
demand increases and supply increases
demand decreases and supply decreases
The correct answer is:
demand decreases and supply increases
Price Quantity Supplied Quantity Demanded
$10 1,000 2,500
$20 2,000 2,000
$30 3,000 1,500
$40 4,000 1,000
The equilibrium price for this market is _____.
(1 point)
Responses
$20
20 dollars
$10
10 dollars
$40
40 dollars
$30