6. If equilibrium price decreases and equilibrium quantity decreases supply shifted left supply shifted right demand shifted left demand shifted right
6. If equilibrium price decreases and equilibrium quantity decreases supply shifted left supply shifted right demand shifted left demand shifted right
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Step 1
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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