If supply falls in a perfectly competitive market,we can expect all of the following EXCEPT

Name: If supply falls in a perfectly competitive market,we can expect all of the following EXCEPT
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Question

Quizplus · Accepted Answer

If supply falls in a perfectly competitive market, it will lead to a decrease in the equilibrium quantity bought and sold and an increase in price. However, as demand is not affected, the quantity demanded will remain the same. Therefore, the correct answer is D, as demand is not expected to fall in this scenario.

If Supply Falls in a Perfectly Competitive Market,we Can Expect