In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S)
Of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X.
A decrease in the number of consumers of product X will

Question

Quizplus · Accepted Answer

A decrease in the number of consumers of product X will decrease demand (D) for X. This will lead to a decrease in the equilibrium price (P) of X, as there will be less demand for X at the previous price. Additionally, the decrease in demand will lead to a decrease in the equilibrium quantity (Q) of X, as less of the product will be demanded at the new, lower price.

In the Following Question You Are Asked to Determine, Other