6. If equilibrium price decreases and equilibrium quantity decreases supply shifted left supply shifted right demand shifted left demand shifted right

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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If equilibrium price decreases and equilibrium quantity decreases
supply shifted left
supply shifted right
demand shifted left
demand shifted right
O O O O
Transcribed Image Text:If equilibrium price decreases and equilibrium quantity decreases supply shifted left supply shifted right demand shifted left demand shifted right O O O O
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Equilibrium is obtained where Demand and supply curve intersect each other. When supply curve shifts left keeping demand curve same, the new equilibrium is obtained where demand and new supply curve intersect each other.

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