An increased equilibrium price and a decreased equilibrium quantity results from a(an):

Name: An increased equilibrium price and a decreased equilibrium quantity results from a(an):
Brand: Quizplus
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Question

Quizplus · Accepted Answer

According to the law of supply and demand, a decrease in supply results in a decrease in quantity supplied, which leads to an increase in the equilibrium price and a decrease in the equilibrium quantity. Therefore, choice C - decrease in supply - is the correct answer.

An Increased Equilibrium Price and a Decreased Equilibrium Quantity Results