Question

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

Answer 1

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

Answer 2

The correct answer is:
demand decreases and supply increases

Answer 3

To find the equilibrium price, we need to find the point where the quantity supplied equals the quantity demanded. Looking at the table, we can see that at $20, the quantity supplied is 2,000 and the quantity demanded is also 2,000. Therefore, the equilibrium price for this market is $20.