A decrease in the supply of chocolate chips would usually result in a

Question

Quizplus · Accepted Answer

A decrease in supply would lead to a shift in the supply curve to the left, causing a higher equilibrium price and a lower equilibrium quantity. The decrease in supply means that there are fewer chocolate chips available in the market. As a result, the demand exceeds supply, leading to an increase in price and a decrease in quantity demanded, until a new equilibrium point is established.

A Decrease in the Supply of Chocolate Chips Would Usually